PT Indo Tambangraya Megah Tbk (ITMG) posted a profit for the year attributable to the parent entity owners at the end of 2020 of US$39.46 million, down 69.50 percent compared to the previous year of US$129,426 million.

The financial report, published on Wednesday (24/2), shows the low in the profit is due to the company's net income drop of 30.99 percent to US$1.18 billion from US$1.71 billion in the previous year.

A decrease in the exchange rate difference for translation of the subsidiary's financial statements by about twofold, to US$214,000 from US$494,000, also impacted the lower profit.

Nevertheless, the company managed to reduce the cost of revenue by around 0.28 percent or to US$986.18 million at the end of last year compared to the previous year's US $ 1.38 billion.

Meanwhile, the company's total assets as of 31 December 2020 reached US$1.15 billion or decreased by 4.16% from the position on 31 December 2019 of US $ 1.20 billion. The company's cash and cash equivalents at the end of the year were at US$231,459 million, an increase of 45.38 percent from US$159,209 million in the corresponding period in 2019.