Growing popularity of ride-sharing apps continued to take away market share from conventional taxi services. Blue Bird (BIRD), the largest operator, for example, suffered 18.4% fall year-on-year in sales revenues in the first quarter of 2017. While cost of sales declined significantly by 20%, Blue Bird’s gross profit fell 13.2% to Rp307.7 billion. Net profit also dropped by 15% to Rp117.5 billion in the quarter.To subscribe please click here