TEMPO.CO, Jakarta - The Jakarta-Bandung high-speed train operator, PT Kereta Cepat Indonesia China (KCIC), denied reports that revenues from Whoosh in 2023 were far below the company’s projections.

According to a source who wished to remain anonymous, there was a significant gap between the revenue projection and the actual revenue of Indonesia's first bullet train earned during the first three months of commercial operation in 2023.

It was reported that the KCIC anticipated earning total revenue of Rp106.76 trillion by the fourth quarter of 2023, with Rp66.025 trillion coming from farebox revenue (ticket sales), Rp37.29 trillion from non-farebox revenue, and other income worth Rp3.44 trillion.

However, the company's income statement revealed that farebox revenue was only Rp212.8 billion, while non-farebox revenue was Rp37.28 billion. In detail, non-farebox revenue came from retail at Rp21.8 billion; advertising at Rp18.8 billion; naming rights at Rp36 billion; parking at Rp10.2 billion; ride-hailing at Rp1.1 billion; and others at Rp2.7 billion. These figures fell far short below of the KCIC's projections.

Eva Chairunisa, PT KCIC General Manager of Corporate Secretary, denied the reports. “These numbers are not correct, they (the gap) are very high,” Eva told Tempo on Thursday, January 18, 2024.

She added that PT KCIC was conducting a reconciliation to determine the actual amount of the company's income. “It should be close to the projections,” said Eva.

Previously, Eva had revealed that the farebox was one of the main sources of income during the train operations. From the onset of commercial operations on October 17 until the end of 2023, PT KCIC sold 1,220,000 tickets, with an average occupancy rate of around 75 percent on weekdays and 80 percent on weekends.

“The number of [Whoosh] passengers is currently stable, with an occupancy rate of above 50 percent,” Eva claimed on Wednesday, January 10.

MOH. KHORY ALFARIZI

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