Shares of TBS Energi Utama (TOBA), a coal miner expanding into waste management and renewable energy linked to the family of Pandu Sjahrir (chief investment officer/CIO of sovereign wealth fund Danantara), ended higher by 2.56% to Rp1,000 on Tuesday (Oct 28) despite poor financials in the first nine months of the year.

AirAsia Indonesia (CMPP) booked net loss of Rp985 billion in the first nine months of 2025, expanded by 64% from the corresponding period last year due to small growth in revenues and squeezed margins.

Some major companies listed on the Indonesia Stock Exchange (IDX) cut workforce significantly in the first nine months of 2025 to cope with economic slowdown. AirAsia Indonesia, a budget airline co-owned by oil ‘godfather’ Riza Chalid, scored the biggest downsizing so far.

Natural rubber processor Kirana Megatara (KMTR) dropped as much as 7.5% this afternoon as investors responded negatively the company’s financial performance in third quarter ended September 30, 2025.

The court hearing in the case implicating former executives of state oil and gas company Pertamina and oil ‘godfather’ Riza Chalid on Monday (Oct 27) was interesting for many reasons, but mainly because of the appearance of Karen Agustiawan, former chief executive officer (CEO) of the company.

When Finance Minister Purbaya Yudhi Sadewa announced that he had “recruited local hackers” to fix the government’s Coretax system, it sounded like the plot twist of a cyber-thriller. On the surface, his decision seems bold and refreshing: a hands-on approach that values local talent and cuts through bureaucratic inertia. But beneath that headline-worthy statement lies a more complex policy question — about governance, ethics, and the optics of how the state manages digital infrastructure and taxpayer trust.

State owned gold trader and nickel producer Aneka Tambang (ANTM) booked net profit of Rp5.98 trillion in Jan-Sep 2025, surged by 171% from the corresponding period last year, but mostly due to gold rush in the first half of the year. The third quarter performance was significantly slower than the first two quarters.

The troubled state steel manufacturer Krakatau Steel (KRAS) booked net profit of US$22.2 million in the first nine months of 2025 against loss of US$185.2 million in the corresponding period last year, but mostly attributable to non-cash gains from debt restructuring and foreign exchange translation. 

PT Sarimelati Kencana Tbk (PZZA), operator of Pizza Hut outlets, booked net profit of Rp15.9 billion only from sales revenue of Rp2.27 trillion in the first nine months of 2025 despite efficiency measures, including downsize of workforce.

Shares of pharmaceutical company Kalbe Farma (KLBF), the largest in the country, ended higher by 4.1% Monday (Oct 27) as investors responded positively the company’s stronger year-on-year performance in the third quarter.