PT Medco Energi Internasional Tbk (MEDC) posted a loss for the year attributable to owners of the parent entity in 2020 of US$188.97 million or 387.48% higher than the previous year of only US$38.76 million.

Based on the financial report published on Wednesday (2/6), the surge in net loss for the year was triggered by the low revenue achievement of around 20.50% to US$1.09 billion from US$1.37 billion.

In addition, Medco had to bear losses on disposal of long-term investments of US$2.15 million, losses on dilution of long-term investments of US$19.01 million, losses on asset impairment of US$65.07 million, and other expenses swelled by approximately 60 .24% to US$25.36 million.

Despite the declining revenue, the company was still able to reduce the cost of income and other direct costs by around 6.92%, or from US$828.94 million to US$771.56 million.

Meanwhile, the company's total assets for the period ending December 31, 2020, reached US$5