Indonesia's Bukalapak records Q1 profit after Allo Bank investment

Logo of Bukalapak, an Indonesian e-commerce firm, is seen outside its headquarters in Jakarta, Indonesia, June 16, 2021. REUTERS/Willy Kurniawan

Indonesian e-commerce giant Bukalapak, that made its public market debut last year, has swung to profit, generating a net income of Rp14.55 trillion ($1 billion) in the first three months of 2022, compared to a net loss of Rp324 billion in the same period a year ago.

Bukalapak reported Rp14.42 trillion in operating profit, compared to Rp328 billion losses that it incurred during the corresponding period in 2021.

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