Krakatau Steel reports higher revenue
Monday, October 30 2017 - 02:07 AM WIB
Petromindo|Khalsa
IDX-listed steel maker PT Krakatau Steel Tbk saw revenue in the first nine months of this year increased by 5.87 percent to US$1.04 billion compared to the same period in the previous year.
Krakatau President Director Mas Wigrantoro Roes Setiyadi said in a statement on Friday that the higher revenue was mainly attributed to higher average selling price of its steel products particularly hot rolled coil, which enjoyed a 33.33 percent increase in price to $583 per ton during the period.
The higher revenue allowed the company to reduce net loss to $75.05 million from $114.7 million in the nine-month period of last year.
?Until September 2017, the price of the company?s steel products continue to rise to $599 per ton from only $520 per ton in January 2017. Improving trend in (the company?s financial) performance will accelerate going forward considering the rising steel price,? Setiyadi said in the statement. (*)