Despite higher sales, Krakatau suffers widening loss
Wednesday, May 4 2016 - 12:59 AM WIB
The company saw higher sales volume of hot rolled coil and cold rolled coil, and other steel products.
Krakatau, however, said in a statement Tuesday that the oversupply condition in the global steel market continued to undermine price of the commodity. It said that selling price during the quarter declined by 25.8 percent to 34.2 percent.
The statement said that operating profit in the first quarter of this year was US$7.6 million compared to an operating loss of $29.6 million in the corresponding period of last year.
The statement did not reveal the net profit figure for the quarter, but according to company first quarter reported filed with the Indonesia Stock Exchange, Krakatau suffered a widening net loss of $62.8 million in the January-March period of this year compared to a net loss of $42.9 million in the same period of last year, also due to higher foreign exchange losses.
Editing by Reiner Simanjuntak