The Annual General Meeting of Shareholders of PT Timah Tbk (TINS) decided not to distribute dividends for the 2020 financial year because it still recorded a current year's loss of Rp340.599 billion.

"This year there is no dividend distribution considering the condition of the company which still recorded losses in the 2020 financial year," said Director of Finance and Risk Management Timah Wibisono in a press conference, Tuesday (6/4).

To create profit in 2021, PT Timah will encourage its subsidiaries' performance throughout this year, one of which is PT Tanjung Alam Jaya, which is engaged in coal. Also, the company plans to pay off debts.

"We hope that with the support of coal and tin, the performance of the subsidiary can be positive and contribute to PT Timah's performance this year," he added.

Based on the consolidated report as of December 31, 2020, PT Timah recorded a loss for the year attributable to the parent company owners amounting to Rp344.599 billion or less than twice the previous year of Rp611,284 billion. Operating income also decreased or became Rp15,215 trillion from Rp19,302 trillion.