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Jakarta Post

Krakatau Steel vows to regain profit after six years in loss

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Fri, January 11 2019   /  02:54 am

After suffering losses in six consecutive years, state-owned steel producer PT Krakatau Steel has vowed to restructure its business and debts in order to regain profit.“We admit we’ve been stuck in a state of loss for six years, so we’re now trying to make fundamental changes to turn the situation around,” president director Silmy Karim said recently.As of the third quarter of 2018, the publicly listed company recorded a loss of US$37.38 million, down 50.19 percent from the same period in the previous year.Silmy said these fundamental changes included business and debt restructuring to improve the company’s finances.He said the company was planning to restructure its business by fixing its organizational structure and optimize its subsidiaries, including by finding the right strategic partners for its less-profitable subsidiaries.According to Krakatau Steel finance director Tar...