Net income attributable to shareholders was barely in the black for 2020 at IDR 2,078 million ($0.1 mm) down from IDR 686,771 million, as revenues plunged 36% to IDR 4,781,480 million ($327.9 mm) from IDR 7,472,911 million at the Indonesian retailer. Retail sales were off 38% to IDR 4,114,485 million, while revenue from MAPA’s apparel segment was down 24% to IDR 666,995 million. Gross margin contracted by 470 basis points to 40.0% for the year. Selling expenses were reduced by 25% and general and administrative expenses by 5%, but both deleveraged on the lower top line.

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