PT Indo Tambangraya Megah Tbk (ITMG) has set targets for coal production and sales this year to range from 17.7-19.9 million tons and 20.7-22.9 million tons, respectively.

"This step takes into account the potential situation in the global coal market for 2021, as stated by various analysts," said the 2020 management book report published on Tuesday (9/3).

The achievement target is lower than last year's plan, namely coal production between 19-20.1 million tons and coal sales volume of around 22.4-23.5 million tons.

Meanwhile, the achievement of coal production and sales volume during 2020 was below the target of 18.4 million tons production, 2.6% below the target, 21.2 million tons sales, or 5.4% lower.

As a result, the company's net income fell by 30.90% to US$1.185 billion compared to the previous year's US$1.715 billion. As a result of this low achievement, the profit for the year attributable to the owners of the parent company fell sharply or about four times from US$129,426 million to US$39,469 million.

As of the period ended 2020, total assets were at US$1,158 billion, with liabilities and equity of US$312,339 million and US$846,290 million, respectively.

Nonetheless, ITMG succeeded in reducing the average coal business costs in 2020 by US$8 per ton compared to the previous year.