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Jakarta Post

Krakatau Steel books first profit in eight years

  • The Jakarta Post

Jakarta   /   Wed, June 3 2020   /  01:00 am
An employee finishes production of steel pipes at the Krakatau Steel plant in Cilegon, Banten, in this file photo.(JP/-)

State-owned steelmaker Krakatau Steel reported its first profit in eight years, thanks to its continuous measures to lower expenses. The company booked US$74.1 million in profit in the first quarter this year, a major switch from the $62.3 million loss it suffered in the same period last year, as its cost of revenue as well as general and administrative expenses dropped 39.8 percent and 41.5 percent respectively. Krakatau Steel president director Silmy Karim attributed the positive performance to the company’s concerted move to improve its performance since last year. “The company has taken several measures to improve its performance such as through [debt] restructuring and transformation,” he said in a statement on Friday. Earlier this year, Krakatau Steel received the green light from its creditors, mainly local banks such as state-owned Bank Mandiri and B...