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Krakatau Steel’s bottom line improves despite low steel price
Amid a continuing weak steel price, Indonesia's biggest steel maker Krakatau Steel (KS) booked an improvement in its bottom line throughout 2016 as its losses decline.
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An employee finishes production of steel pipes at the Krakatau Steel plant in Cilegon, Banten. The state-owned steel maker saw an improvement in its bottom line throughout 2016 as its losses declined. (JP/-)
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mid a continuing weak steel price, Indonesia's biggest steel maker Krakatau Steel (KS) booked an improvement in its bottom line throughout 2016 as its losses declined.
The state-owned steel firm's losses shrunk by more than 46 percent to US$171.69 million last year from 2015, according to its financial statement submitted to the Indonesia Stock Exchange (IDX).
KS saw a slight increase in revenue to $1.34 billion in the past year, up from $1.32 billion reaped in the previous year. In contrast, its costs dropped by 12.5 percent year-on-year (yoy) to $1.19 billion.
(Read also: Krakatau Steel to launch blast furnace facility by March)
Meanwhile, KS's assets and liabilities went up 6.49 percent and 9.95 percent yoy, respectively, to $3.94 billion and $3.7 billion.
The firm’s shares, which are traded at the IDX under the code KRAS, opened the trading day on Wednesday at 690 apiece, unchanged from their figure at the close of trading on Tuesday.
The Jakarta Composite Index (JCI), the IDX's main gauge, started the day at 5,407, slightly up from its close on Tuesday at 5,402. (lnd)
