PT Mitra Adiperkasa Tbk (MAPI) throughout 2020 recorded a loss for the current year attributable to the parent company of Rp553.71 billion compared to the previous year, pocketed a profit of Rp933.49 billion.

The company's financial report, published on Friday (16/4), was triggered by a decrease in the net income of almost 32% or Rp14.84 trillion from Rp21.63 trillion. Financial burdens more than doubled or from Rp212.42 billion to Rp552.20 billion.

The company also experienced a net loss of associates and joint ventures amounting to Rp79.36 billion in 2020. The previous year was able to generate a profit of Rp17.04 billion for associates.

Foreign exchange losses also increased by 8.84% to Rp8.65 billion from Rp7.94 billion.

Nevertheless, the company managed to reduce the cost of goods sold and direct expenses by around 23.45% or Rp11.32 trillion to Rp8.66 trillion.

MAPI also succeeded in pocketing a derivative financial instrument gain of Rp5.26 billion from the previous loss of Rp25.07 billion.

Meanwhile, the company's total assets until the period ending 2020 reached Rp17.65 trillion, with year-end cash and cash equivalents recorded at Rp2.78 trillion.