The decline in the company’s 1H20 performance, in-line with our estimates, resulted from the impact of PSBB implementation during the second quarter. Revenue from the construction segment fell 72.0% YoY while the toll road segment revenue decreased 17.5% YoY. The company has also made several efficiencies during the PSBB, but this has not been able to boost the company’s performance during the first semester of 2020. During the second quarter of 2020, the company recorded a net loss of IDR482.2 billion.
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