EMTK Posts Rp320.6 Billion Loss in First Half of 2026, Here's Why

Jakarta, CNBC Indonesia – PT Elang Mahkota Teknologi Tbk (EMTK) reversed its performance to a loss in the first half of 2026. Based on its consolidated interim financial statements as of 30 June 2026, the parent company of the media and technology giant owned by Eddy Kusnadi Sariaatmadja booked a loss attributable to owners of the parent entity of Rp320.6 billion, in contrast to a profit of Rp4.23 trillion recorded in H1 2025.

EMTK’s loss per share for the period stood at Rp5.25, compared with earnings per share of Rp69.26 in the same period last year.

On the top line, EMTK’s net revenue actually grew 22.7% to Rp10.81 trillion, from Rp8.81 trillion in H1 2025. The revenue increase lifted the company’s gross profit to Rp2.82 trillion, from Rp2.40 trillion previously. EMTK’s operating profit even surged significantly to Rp1.83 trillion, from Rp345.66 billion in the prior period, helped by lower general and administrative expenses and net foreign exchange gains of Rp982.9 billion.

However, this solid operational performance was wiped out by investment losses. The company recorded a net loss on investments of Rp2.29 trillion in H1 2026, a reversal from an investment gain of Rp1.31 trillion in the same period last year. In addition, in H1 2025 EMTK had booked a non-recurring item in the form of a Rp2.86 trillion gain on the acquisition of a subsidiary, which was not repeated this year.

This combination of factors meant the company, which had posted a pre-tax profit of Rp5.01 trillion in H1 2025, instead recorded a pre-tax loss of Rp124.4 billion in H1 2026. After deducting tax expenses of Rp172.5 billion, EMTK booked a consolidated loss for the period of Rp296.8 billion.

On the balance sheet side, EMTK’s total assets as of 30 June 2026 stood at Rp59.88 trillion, slightly down from Rp60.77 trillion at the end of December 2025. The decline was mainly influenced by a decrease in cash and cash equivalents to Rp19.85 trillion, from Rp22.42 trillion at the end of last year.

Meanwhile, the company’s total liabilities actually rose to Rp7.90 trillion, from Rp7.38 trillion at the end of 2025. EMTK’s total equity was recorded at Rp51.98 trillion, down from Rp53.39 trillion at the end of December 2025, in line with the losses booked throughout the first half of this year.

The company’s long-term investments rose to Rp11.53 trillion, from Rp10.25 trillion at the end of 2025, while investments in associates also grew to Rp3.89 trillion, from Rp3.75 trillion.