PT Timah Tbk (TINS) succeeded in reducing the current year's loss rate attributable to the parent company's owners throughout 2020 by around 44.28% to Rp340.599 billion compared to the previous year's Rp611.284 billion.

The financial report released on Monday (15/3), showed that the company managed to reduce its losses, thanks to the company's ability to cut the cost of revenue by around 22.55% from Rp18.197 trillion to Rp14.096 trillion.

Selling expenses also more than doubled or became Rp69.441 billion from Rp155.134 billion. Financial expenses decreased by around 22.33% to Rp607.370 billion from Rp781.996 billion.

Also, PT Timah managed to pocket an increase in financial income and other net income of Rp.30.482 billion and Rp96.013 billion, respectively.

Unfortunately, the company's revenue has drained around 21.33% throughout 2020 or to Rp15.215 trillion compared to the previous year, which reached Rp19.341 trillion.

Meanwhile, the company's total assets throughout 2020 were recorded at Rp14.517 trillion or eroded by around 28.70% from the previous year's Rp20.361 trillion.

At the end of the year, the company's cash and cash equivalents position also decreased by about twofold or Rp807,300 billion from Rp1,599 trillion in the previous year.