ASEAN KEY DESTINATIONS
Migme scores 393% revenue growth, but net losses widen
Social media entertainment provider Migme, in which Indonesian corporation Media Nusantara Citra (MNC) is a shareholder, reported a 393 percent revenue increase to A$14.92 million (US$11.39), amid a 34 percent Monthly Active Users (MAU) growth to over 43 million.
The Singapore-based company scored the robust revenue growth after focusing on advancing its business strategies in its key markets of Indonesia, India and the Philippines. However it saw a 55 percent increase in net losses to $13.62 million in the same period.
The Australian Stock Exchange-listed company will continue to focus on building its user base and increase user engagement to grow revenue, improve operating margins and increase shareholder value, said Migme co-founder and CEO Steven Goh.
“In the next six months we intend to continue to grow headline MAU numbers and revenue, whilst deepening our engagement with users. At the same time, we will continue to focus on reducing operating cash outflows and improving operating margins,” he said in a press statement on Friday.
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Indonesia to launch 13th economic package this month
Coordinating Economic Minister Darmin Nasution said on Wednesday that the government would release its 13th economic policy package in August, adding that the draft had been completed.
Darmin said the 13th package was largely an extension of the previous one, but would expand its focus beyond industry. The 12th package focused on small and medium enterprises.
"We are just waiting to schedule a meeting with the president," Darmin told reporters at his office. He refused to give the exact date the new policy package would come into effect.
The ministry team must meet with President Joko "Jokowi" Widodo one more time to finalize the details, Darmin said.