JAKARTA - PT Acset Indonusa Tbk (ACSET) closed 2020 by posting revenues of IDR 1.20 trillion. Amid these challenging conditions, the Company recorded an increase in net loss of 16.46% from IDR 1.14trillion to IDR 1.32 trillion compared to the previous year.
The increase in net loss in this period was generally influenced by the impact of the pandemic which caused a slowdown in the progress of current projects as well as a delay in the target for new project tenders which are expected to improve soon in line with plans for economic recovery in 2021. The company has also made full implementation of the Statement of Financial Accounting Standards (PSAK) 71 and 72, which as a result affect several items in the Company's future financial statements. One of the most affected items is the increase in cost of revenue.
“ACSET's performance in 2020 shows a significant contraction compared to the previous period. However, ACSET continues to be committed to making continuous improvements to improve its financial and operational performance. ACSET also continues to improve the control system and adequate financial management to achieve operational excellence,” said Idot Supriadi, President Director of ACSET in a release received by idnfinancials.com.
2020 is a challenging year for ACSET, but the company remains committed to improving performance and providing the best for all stakeholders. One manifestation of this commitment is through improved financial management, which has begun to be seen with a decrease in operating expenses as a result of efficiency in all levels of the organization.
Going forward, the company sees that there is still some turmoil that will create uncertainty in the industry in view of the Indonesian economy which will experience recession in 2020. However, ACSET remains optimistic in seeing all the opportunities that lie ahead for the company. Until now, ACSET is still actively participating in every opportunity that exists by prioritizing project suitability with the company's main production capacity and expertise. (LM)