PT PP (Persero) Tbk (PTPP) posted a decrease in profit attributable to the parent company owners during 2020 by 84.28% to Rp128.752 billion from the previous year, which reached Rp819.463 billion.

Based on the financial report published on Wednesday (17/3), the low profit was due to operating income which shrank by around 32.84% to Rp15.831 trillion from Rp23.573 trillion.

PTPP also had to bear the loss of associates amounting to Rp214.447 billion or an increase of 56.72% from Rp136,829 billion. Also, PTPP received an impairment loss of around 51.51% from Rp190.500 billion to Rp288.628 billion.

Nevertheless, PTPP succeeded in reducing the cost of revenue by around 32.58% or from Rp 20.257 trillion to Rp 13.657 trillion.

Operating expenses also decreased by around 28.89% to Rp583.708 billion at the end of December 2020 compared to Rp820.878 billion in the previous year.

The company could also pocket a joint venture profit increase of around twofold or to Rp449.915 billion from Rp200.195 billion.

Meanwhile, the total assets of PTPP until the period ending December 2020 reached Rp53,472 trillion consisting of liabilities of Rp39,465 trillion and equity of Rp14,006 trillion.

The cash and cash equivalents position at the end of the year was recorded at Rp7.512 trillion or decreased by 17.35% from last year's Rp9.089 trillion.