Indonesia's state-controlled largest steelmaker Krakatau Steel, based in Cilegon, reported losses in the first quarter of this year, citing low revenue.
Against this backdrop, Krakatau Steel has cut its planned overhaul costs for this year to $ 500 million from an initial estimate of $ 800 million. In addition, the company expected a 9.2 percent increase in sales by volume this year, up from a 3 percent increase in 2013.
The company posted a net loss of $ 46.4 million from January to March, compared with a net profit of $ 9.1 million in the same quarter last year, the company said in a statement on the Indonesian Stock Exchange (IDX). ...
In the first quarter, revenues were down 25 percent to $ 459 million, while the cost of revenues fell 20 percent to $ 448.9 million.
Steel companies are experiencing difficulties in sales operations due to the slowdown in economic growth in China, which is the world's largest steel buyer. For
For Krakatau Steel, the situation is aggravated by the sharp depreciation of the national currency.
The company, the largest steelmaker in Southeast Asia, suffered $ 14.3 million in foreign exchange losses, up from $ 8.5 million in profit a year earlier.
Krakatau Steel presents first quarter results
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Azovpromstal® 1 May 2014 г. 10:19 |
