JAKARTA. The profit of PT Mitrabara Adiperdana Tbk (MBAP) in 2020 decreased by 22.86%, dragging down the net profit by 22.16%.
According to the company’s financial report released on Thursday (25/3), this mining and coal trading company recorded a revenue of USD 201.20 million in 2020, lower than USD 260.84 million in 2019. This decline in revenue was accompanied by lower cost of goods sold, selling expenses, and administrative and general expenses.
Despite the increasing financial expenses by 112.61% to IDR 1.21 million, the decreases in several expenses could at least keep the net profit from sinking even further. Current year profits attributable to the owners of the parent entity was at USD 27.46 million, down from USD 35.28 million.
The financial position of MBAP by the end of 2020 recorded the total assets of USD 181.97 million with equity of USD 138.22 million and liabilities of USD 43.75 million. The total assets also went down from USD 192.52 million in 2019. Meanwhile, the cash and cash equivalents significantly increased from USD 29.10 million to USD 46.06 million. (AM/ZH)