JAKARTA (Yosefardi) – State steel producer PT Krakatau Steel Tbk (KRAS) suffered loss of US$49.67 million in first quarter of this year, compared to profit US$8.3 million in the same period of last year.
Net revenues declined 25% to US$459.49 million from previous US$615.97 million. Cost of revenue also fell 20% to US$448.94 million from earlier US$564.02 million.
KRAS also reported share in loss of associates of US$20.96 million, and foreign exchange loss of US$14.35 million.
Its assets totaled US$2.33 billion while liability amounted US$1.35 billion. It has cash and cash equivalent of US$194.11 million.