Krakatau Steel Swings to Profit in First Half

JAKARTA (Yosefardi) – State-owned steel producer PT Krakatau Steel (KRAS) Tbk booked net profit of US$10.6 million in the first half ended June 30, 2013, against net loss of US$9.8 million in the corresponding period of 2012.
Krakatau Steel generated sales revenue of US$1.1 billion in the first half, down slightly from US$1.155 billion in the same period of 2012, but cost of goods sold declined about 9% to US$1 billion.
As a result, Krakatau’s gross profit doubled to US$107.9 million. Combined with lower general and administrative expenses plus other expenses, the company managed to book operating profit of US$44.5 million against loss of US$12.98 million in the first half of 2012.
Krakatau had total assets and equity of US$2.67 billion and US$1.12 billion respectively as at June 30, 2013.