Mitra Adi Perkasa, Retailer Of Starbucks, SOGO, Etc. Experiences Loss Of IDR 553 Billion Even Though It Earns IDR 14.84 Trillion In Income

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Mitra Adiperkasa Tbk posted a significant decline in performance in 2020 in line with the large effects of the COVID-19 pandemic. The sales and profits of the issuer coded as MAPI shares recorded a decline in 2020 compared to the acquisition in 2019.

Quoted from MAPI's financial report published on the Indonesia Stock Exchange (IDX) website, Sunday, April 18, the company recorded revenue in 2020 of IDR 14.84 trillion. This achievement dropped 31 percent compared to the 2019 acquisition of IDR 21.63 trillion.

Cost of goods sold and direct costs also decreased to IDR 8.66 trillion, compared to 2019 expenses of IDR 11.32 trillion. Even so, a number of other expenses seemed to swell, such as financial expenses that rose to IDR 552.2 billion, provision and recovery for impairment in inventory value rose to IDR 79.72 billion.

MAPI also recorded a net loss of associates and joint ventures amounting to IDR 79.3 billion. As a result, retailers Starbucks, SOGO, Planet Sports etc. recorded a loss for the year attributable to owners of the parent entity amounting to IDR 553.71 billion.

This achievement is very inversely proportional to 2019, where MAPI obtained a profit for the year attributable to owners of the parent entity amounting to IDR 933.49 billion.

The net cash obtained from operating activities also fell 47.21 percent to IDR 1.34 trillion compared to 2019's proceeds of IDR 2.55 trillion. On the other hand, the company's total liabilities swelled at the end of 2020 to IDR 11.15 trillion compared to the position at the end of 2019 of IDR 6.56 trillion.

The total liabilities consisted of short-term liabilities of IDR 7.34 trillion and long-term liabilities of IDR 3.8 trillion. Meanwhile, the company's total increased to IDR 17.65 trillion at the end of 2020 from IDR 13.93 trillion at the end of 2019. Total assets included IDR 2.78 trillion in cash and cash equivalents.