PT Pertamina recorded a consolidated profit throughout 2020 of US$1.05 billion, down 58.44% compared to the same period the previous year of US$2.52 billion.

The company financial report published on Tuesday (15/6) showed a  decrease in revenue of around 24.31% or to US$41.46 billion from US$54.79 billion triggered the low profit.

Pertamina million recorded a loss from associates and joint ventures of US$14.80 million last year. The previous year managed to pocket a profit of around US$80.32 million.

Nevertheless, Pertamina was able to reduce the rate of cost of goods sold and other direct expenses throughout 2020 by around 25.98 percent or from US$46.63 billion to US$34.51 billion.

As of the end of December 2020, Pertamina's total assets were at US$69.14 billion, consisting of liabilities of around US$37.88 billion and equity of US$31.25 billion.