The performance of PT Argo Pantes Tbk (ARGO) in 2020 was less than encouraging. This textile company had to suffer a significant decline on the revenue side.
Launching the company's financial statements, AGRO's net income was only US$ 4.01 million at the end of 2020. This realization decreased by 79.31% compared to the company's net income in the previous year which reached US$ 19.40 million.
The decline in ARGO's net income was supported by a decline in local and export sales by 97.18% yoy and 99.76% yoy. Meanwhile, until the end of December 2020, ARGO's net income includes cooperation income of US$ 2.23 million, rental income of US$ 1.43 million, local sales of US$ 328.45 thousand, and export sales of US$ 13.38 thousand.
In 2020, ARGO posted a decrease in expenses on a number of expense items. Cost of revenue, for example, decreased by 75.25% yoy from US$ 18.77 million in 2019 to US$ 4.64 million.
Likewise, sales and distribution expenses decreased by 77.87% yoy to US$ 171,770 in 2020. Whereas in the previous year, ARGO still recorded sales and distribution expenses of US$ 773,130.
Meanwhile, general and administrative expenses also experienced depreciation to US$ 395,800. This figure decreased by 71.12% yoy from general and administrative expenses in 2019 of US$ 1.37 million.
As a result, ARGO also posted a decrease in net loss for the year by 29.77% yoy from US$ 7.27 million in 2019 to US$ 5.11 million in 2020.
This was reflected in a significant decline in revenue performance of 79.31% on an annual basis or yoy.