{
    "success": true,
    "data": {
        "id": 1892150,
        "msgid": "whoosh-shareholder-losses-swell-to-rp-5-13-trillion-1785473740",
        "date": "2026-07-31 11:20:27",
        "title": "Whoosh Shareholder Losses Swell to Rp 5.13 Trillion",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Finance",
        "summary": "The losses incurred by shareholders of the Whoosh high-speed rail project have surged, with PT Pilar Sinergi BUMN Indonesia (PSBI) recording a net loss of Rp 5.13 trillion in the first half of 2026. This significant deficit has severely impacted the consolidated net profit of PT Kereta Api Indonesia (KAI), despite strong growth in its core railway operations.",
        "content": "<p>The losses from the Jakarta-Bandung High-Speed Railway (KCJB)\nproject, operated by PT Kereta Cepat Indonesia China (KCIC), continue to\nexpand. According to the interim consolidated financial statements of PT\nKereta Api Indonesia (Persero) for the six-month period ending 30 June\n2026, PT Pilar Sinergi BUMN Indonesia (PSBI)\u2014the state-owned enterprise\nconsortium and direct shareholder of KCIC\u2014recorded a net loss of Rp 5.13\ntrillion in the first six months of this year alone.<\/p>\n<p>This figure exceeds the total loss recorded throughout 2\/2025, which\nwas Rp 4.99 trillion, indicating that the rate of loss expansion is\naccelerating significantly compared to the previous year. As the\nmajority shareholder of PSBI with a 58.53% stake, KAI bears the largest\nportion of this burden.<\/p>\n<p>Data disclosed in KAI\u2019s financial notes reveals a sharp deterioration\nin PSBI\u2019s balance sheet, which has now entered a deficit. Notably,\nPSBI\u2019s total liabilities (Rp 21.55 trillion) have exceeded its total\nassets (Rp 21.53 trillion). This means that, technically, PSBI is in a\nstate of negative equity, where its assets are no longer sufficient to\ncover its obligations. This is a stark contrast to the end of 2025, when\nPSBI maintained a positive equity cushion of approximately Rp 5.1\ntrillion. The combination of shrinking assets and rising liabilities\nconfirms a real solvency pressure on the entity.<\/p>\n<p>In KAI\u2019s consolidated profit and loss statement, the impact of the\nPSBI\/Whoosh losses is clearly reflected in the \u2018Share of Net Loss of\nAssociates and Joint Ventures\u2019 line item. Ironically, KAI\u2019s core railway\nbusiness grew solidly, with transport revenue rising by 6.7% and\noperating profit surging by 26% year-on-year. However, this growth\nmomentum was almost entirely eroded by the Whoosh loss share, which\njumped more than threefold from Rp 948 billion to Rp 3 trillion.\nConsequently, KAI\u2019s consolidated net profit plummeted by 73% to just Rp\n314 billion, failing to reflect its otherwise strong operational\nperformance.<\/p>\n<p>As a direct consequence, the recorded value of KAI\u2019s investment in\nPSBI was drastically slashed from Rp 4.79 trillion (at the end of 2025)\nto just Rp 1.79 trillion as of June 2026. KAI has even recorded an\nimpairment reserve of Rp 1.55 trillion in anticipation of further\nrisks.<\/p>\n<p>Funds continue to flow into the high-speed rail project. KAI\u2019s cash\nflow statements confirm that the company continues to inject fresh funds\nto support the KCJB project\u2019s sustainability despite growing losses:<\/p>\n<ul>\n<li><p>Loans provided to Associates (PSBI\/KCIC): Rp 475 billion\ndisbursed during H1 2026, continuing a pattern from the previous year\n(Rp 1.80 trillion in H1 2025).<\/p><\/li>\n<li><p>Additional investment placements in PSBI: Rp 15.5\nbillion.<\/p><\/li>\n<li><p>Withdrawal of the KCJB project Sinking Fund: Rp 754.7 billion was\ndrawn from funds previously set aside specifically for this project\u2014more\nthan double the withdrawal in H1 2025 (Rp 349.6 billion), indicating\nincreasingly urgent liquidity needs for the project.<\/p><\/li>\n<li><p>The KCJB Sinking Fund balance now stands at Rp 1.43 trillion,\ndown from Rp 1.96 trillion at the end of 2025, narrowing the financial\nbuffer for future project needs.<\/p><\/li>\n<\/ul>\n<p>KAI\u2019s total cash and cash equivalents also declined significantly,\nfrom Rp 6.76 trillion to Rp 4.85 trillion within six months, partly due\nto cash outflows to support PSBI and the KCJB project.<\/p>\n<p>The financial reports also reveal a complex, multi-layered project\nfunding structure. KAI borrows from loan facilities with total\ncommitments of USD 325.62 million (Facility A) and the equivalent of USD\n217.08 million in RMB (Facility B), with interest rates of 3.2%-3.3% per\nannum. These loans are guaranteed by the Government through PT\nPenjaminan Infrastruktur Indonesia (PT PII), based on Ministry of\nFinance Regulation No.\u00a0239\/KM.8\/2023. These funds are then passed by KAI\nto PSBI as shareholder loans, which PSBI subsequently passes to KCIC to\nfund project cost overruns and operational shortfalls. As of 30 June\n2026, the total loans disbursed by KAI to PSBI specifically for\noperational shortfall schemes reached Rp 1.72 trillion.<\/p>\n<p>KAI\u2019s total exposure to the Whoosh\/PSBI ecosystem\u2014combining equity\ninvestments, shareholder loans, and related receivables\u2014is estimated to\nreach approximately Rp 11.7 trillion, or about 11% of KAI\u2019s total\nrecorded assets of Rp 104.79 trillion as of June 2026. Such a high\nconcentration of risk in a single associate entity is significant for\nKAI. Key implications include ongoing pressure on group net profits\nuntil KCIC\/Whoosh reaches operational break-even, the potential need for\nfurther capital injections or loans to PSBI\/KCIC, and a narrowing margin\nfor KAI to support future liquidity needs without adding new burdens to\nthe parent company\u2019s balance sheet.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/whoosh-shareholder-losses-swell-to-rp-5-13-trillion-1785473740",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}