Krakatau Steel profit drop 42%
State-owned steel producer PT Krakatau Steel booked net profit of Rp236 billion in 2005, dropped 42% from Rp414 billion in 2004 on lower margin.
According to its financial report published today, Krakatau reported total revenue of Rp11.63 trillion (US$1.18 billion) in 2005, increased 23.8% from 2004. But its cost of goods sold increased higher by 30%, resulting in lower gross profit. Combined with increasing operating costs, Krakatau booked operating profit of only Rp638 billion, significantly reduced from Rp922 billion in 2004.
Krakatau, the largest steel manufacturer in Indonesia, also hurt by huge increase in interest expenses.
The company has total assets of Rp10.689 trillion (US$1.1 billion) as of December 2005.
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According to its financial report published today, Krakatau reported total revenue of Rp11.63 trillion (US$1.18 billion) in 2005, increased 23.8% from 2004. But its cost of goods sold increased higher by 30%, resulting in lower gross profit. Combined with increasing operating costs, Krakatau booked operating profit of only Rp638 billion, significantly reduced from Rp922 billion in 2004.
Krakatau, the largest steel manufacturer in Indonesia, also hurt by huge increase in interest expenses.
The company has total assets of Rp10.689 trillion (US$1.1 billion) as of December 2005.
Labels: Krakatau
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posted by yosef at 1:33 PM
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