Leading toll road operator PT Jasa Marga saw its net profit quartered and its revenue halved in 2020 as road traffic dropped due to the government’s work at home policy and other restrictive measures to stem COVID-19 transmission.
The publicly listed state-owned company recorded net profit of Rp 501.05 billion (US$34.32 million) last year, down 77.37 percent from net profit in 2019, according to the latest financial statement the company submitted to the Indonesia Stock Exchange (IDX).
Jasa Marga saw stagnant net profit even before the health crisis, recording year-on-year (yoy) growth of a mere 0.2 percent to Rp 2.21 trillion in 2019.
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