Indonesia's GoTo Group has achieved a significant milestone in its ongoing cost-cutting efforts by reporting a quarterly profit on an adjusted basis.

In the three months ending in September, the company recorded an adjusted earnings before interest, taxes, depreciation, and amortization of 137 billion rupiah, equivalent to approximately $8.7 million.

This marks a notable improvement from a pro-forma loss of 559 billion rupiah in the same period last year.

Despite facing strong competition from Singapore's Grab Holdings Ltd. in the ride-hailing and food delivery sectors, GoTo's recent financial performance demonstrates its strategic focus on reducing expenses and showcasing profitability to investors in a challenging market landscape.