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Krakatau Steel sees 91% revenue rise in first half of 2021
The state-owned steelmaker reported a 90.9 percent increase in revenue in the first half of 2021 following cost-cutting measures as well as increased sales volume amid rising global demand and prices.
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A worker makes steel pipes at the Krakatau Steel manufacturing plant in Cilegon, Banten, in this undated file photograph. (JP/-)
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T Krakatau Steel reported a 90.9 percent annual increase in revenue in the first half of this year following rising steel demand and prices.
The publicly listed state-owned steelmaker booked revenue of US$1.05 billion in the January-June period, a major increase from the $552.83 million generated in the same period last year, according to its latest financial report filed with the Indonesia Stock Exchange (IDX).
The higher revenue helped net profit increase to $32.47 million in the first half of 2021, up sevenfold from its low base of $4.51 million amid last year’s global economic rout.
“We are optimistic that Krakatau Steel can [maintain] the positive trend until the end of the year,” Krakatau Steel president director Silmy Karim said in a press release on Tuesday.
Read also: Krakatau Steel books first profit in eight years
The combined sales volume for hot rolled coil (HRC) and cold rolled coil (CRC) steel, two of the company’s main products, increased to 995,000 tons in the first half of the year, up 43.8 percent from 692,000 tons in the same period last year.
