Turbulent Year: Link Net (LINK) Reports IDR 532 Billion Net Loss in 2023

February 22, 2024, 08.05 PM | Reporter: Yuliana Hema

ILUSTRASI. President Director and CEO of PT Link Net Tbk, Marlo Budiman (right) together with Director of Sales Enterprise, Agung Satya Wiguna pointing to the new logo which was launched in Jakarta, Thursday (13/1/2022). The launch of the logo as well as the change of the First Media Business brand name to Link Net is to strengthen the company's commitment to placing customer trust as a top priority. Photo: Tribunnews / Jeprima

LISTED COMPANY - JAKARTA. PT Link Net Tbk (LINK) recorded a net loss throughout 2023. This is in line with the decrease in revenue and the increase in several expense items that this Axiata Group entity has to bear.

LINK posted a loss for the year distributed to the parent entity owners amounting to IDR 532.98 billion. This is a reversal from a net profit of IDR 240.71 billion throughout 2022.

LINK's revenue fell 10.18% annually or Year on Year (YoY) from IDR 3.92 trillion in 2023. Whereas in the previous year, LINK was still able to generate revenue of IDR 4.37 trillion.

Based on its customer segments, revenue from residential customers was observed to slump 13.30% YoY to IDR 2.91 trillion. Meanwhile, corporate customers only increased by 0.22% YoY to IDR 1.01 trillion.

The depreciation expense position of this First Media internet managing issuer swelled from IDR 1.41 trillion to IDR 1.62 trillion in 2023. This means there is an increase of 13.75% annually.

A significant increase occurred in the financial expense position of 79.27% annually to IDR 514.28 billion. In 2022, the financial burden borne by LINK was only IDR 286.92 billion.

Meanwhile, the total assets of LINK were recorded to increase from IDR 11.64 trillion as of December 31, 2022, to IDR 12.65 trillion. Then the total liabilities reached IDR 8.32 trillion and LINK's equity amounted to IDR 4.31 trillion.