Milk producer Ultrajaya Milk (ULTJ) booked a net profit of Rp1.16 trillion in 2020, grew 10% y/y, helped by lower selling expenses. Its sales declined 4.8% y\y to Rp5.9 trillion. Selling expenses fell 13% y/y to Rp773.7 billion. The Company also recorded an Rp60.7 billion gain on foreign exchange (forex) transactions last year, against a loss of Rp38 billion in 2019.
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