Media industry in the first quarter: Worrying signs
Media Nusantara Citra (MNCN), parent company of popular TV stations RCTI and MNC TV, and Surya Citra Media (SCMA), parent of Indosiar and SCTV, reported flat growth in the first quarter of 2025, while print media group Tempo (TMPO) suffered substantial decline.
Prabowo’s Cooperatives Project
President Prabowo Subianto explained about his order to kick start development of the so-called Koperasi Merah Putih/KMP (Red and White Cooperative) in over 80,000 villages within three months. The cooperatives, according to Prabowo, will respectively be equipped with one cold storage and one truck.
Military-controlled pharmaceutical factory
The Ministry of Defense is planning to build a factory to produce medicines domestically by utilizing the revitalized pharmaceutical laboratory owned by the Indonesian National Armed Forces (TNI). The news was conveyed by Defense Minister Sjafrie Sjamsoeddin in a meeting with Commission I of the House of Representatives (DPR) on Wednesday, April 30, 2025. This is a step taken in hopes of overcoming the high prices of domestic pharmaceutical products, as well as supporting the formation of “Koperasi Desa Merah Putih”, which will be launched in a couple of months.
DOOgether and the Challenges of Fitness Startups in a Crowded Market
Fitness-tech startups like DOOgether are treading a difficult path in an increasingly selective market that demands clear business direction. Although it recently joined the Zenith Accelerator 2025 program by Mandiri Capital Indonesia (MCI)—a signal that the company is still seen as promising—the fitness sector is far from easy. While demand may appear strong, operational and financial sustainability remain major hurdles for most players in this space.
Economy in the first quarter: Mining (nickel)
Indonesian nickel miners reported strong year-on-year financial performance in the first quarter amidst downfall of prices, but mainly attributable to last year’s delay in approval of work and budget plan (RKAB). Those didn’t experience such delay came out with deeper corrections in margins.
Economy in the first quarter: Food & Beverages
Companies involved in food and beverages supposedly reported strong first quarter due to the Ramadan fasting month and preparation for Lebaran holidays. Eroded purchasing power in the middle-low income group, however, led to weaker spending in the period instead, despite distribution of Lebaran bonuses.
Economy in the first quarter: Mining (coal)
Pretty much as predicted, Indonesian coal miners mostly suffered from substantial decline in profitability in the first quarter of 2025 due to falling price of thermal coal and squeezed margins. Some even reported more than 90% drop in net profit.
Economy in the first quarter: Construction (cement)
Budget freeze and weaker purchasing power of middle-to-low income group affected construction sector in the first quarter, which contributed to downfall of construction material industry, particularly cement. The industry moved from bad to worse.
Mass layoffs at Gudang Garam
Gudang Garam (GGRM), the second largest cigarette producer controlled by Wonowidjojo Family, booked net profit of Rp104.4 billion in the first quarter of 2025, collapsed 82.5% from the corresponding period of 2024 due to downfall of sales and squeeze margins.
Key takeaways from first quarter financial reports (4)
“Tech” companies GOTO Gojek Tokopedia (GOTO), bukalapak.com, and blibli.com reported improved bottom line in the first quarter of 2025, among others due to efficiency measures taken in the past two years following the tech winter.