PT Waskita Karya (Persero) Tbk (WSKT) posted revenue during 2020 of Rp. 16.2 trillion eroded 48.24% compared to the previous year, which reached Rp. 31.3 trillion.

"The Covid-19 pandemic that has continued until now has significantly affected Waskita's performance. The decline in operating income also caused Waskita to record a significant net loss," said Waskita's Managing Director, Destiawan Soewardjono, through an official statement, Thursday (25/3).

He added that the net loss was due to a slowdown in project operational activities during the pandemic, overhead expenses from ongoing projects and factories, and delays in toll road asset divestment, resulting in very high-interest costs of toll road investment.

"Another factor is the delay in payment of several large projects and the full implementation of Financial Accounting Standard Statements (PSAK) 71-73 are also factors that decrease Waskita's financial performance," he added.

Nevertheless, Waskita was able to maintain a positive cash flow from operating activities of Rp627 billion, thanks to the receipt of payments from projects undertaken with a progress payment scheme as well as payments for turnkey projects, such as the Jakarta - Cikampek Elevated II toll road project worth Rp6 trillion in early 2020.

Meanwhile, the acquisition value of Waskita's new contracts over the past year reached Rp27 trillion. The achievement is above the target set and higher than its competitors.

This year, he emphasized, Waskita will focus on efforts and strategies to ensure turnaround in the company's operational performance and financial performance.

"The main strategies that will be implemented by Waskita include business transformation, financial restructuring, and toll road share divestment," he said.