PT Vale Indonesia (INCO), one of Indonesia’s largest nickel mining companies, booked more than a 40 percent increase in profit last year as it benefitted from low fossil fuel prices despite making slightly less in revenue than in 2019. The publicly listed company made US$82.82 million in profit in 2020, a 44.28 percent increase from the company’s $57.4 million profit in 2019, Vale’s 2020 financial report shows. Vale saw its revenue drop 2.2 percent to $764.7 million in 2020 as low nickel prices offset higher production volumes. However, INCO’s cost of revenue was down a sharper 3.6 percent to $640.4 million in 2020 from $664.3 million in 2019. “This strong result of fiscal year 2020 financial performance was due to lower COGS [cost of goods sold] and operating expenses,” wrote Mirae Asset Sekuritas analyst Andy Wibowo Gunawan in a statement on...