PT Wahana Interfood Nusantara Tbk (COCO) announced the cancellation of its share buyback plan.

"We inform you that the company has canceled the plan to buy back shares," said COCO President Director Reiland Siswanto in the IDX information disclosure on Thursday (10/6).

In the period ending December 31, 2020, COCO posted net sales of around Rp171,048 billion or 20.88% compared to the previous year of Rp216,197 billion.

As a result, profit for the year shrank more than three times or from Rp7,957 billion to Rp2,738 billion.

Meanwhile, COCO's total assets as of December 2020 were recorded at Rp263,754 billion, consisting of Rp151,685 billion in liabilities and Rp112 billion in equity.