Purnomo is up against Singapore-based Grab, the regional giant that bought Uber Technologies Inc’s South-East Asian operations last year. — Bernama
In 2015, the shares of Indonesia’s largest cab company were soaring, while its revenue reached a record high. Then came Uber, followed by Grab and Gojek, South-East Asia’s answer to the revolutionary ride-hailing app.
Competition from the technology titans wiped out US$1.7bil (RM7bil), or almost 80%, of PT Blue Bird’s market value from a peak. Revenue plunged 23% in three years and the latest quarterly earnings fell to a record low. But rather than give up, the 54-year-old cab operator is now seeking to turn the tide. Leading the effort is Noni Purnomo, who succeeded her father in May as president.
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