Jul 20, 2010

Krakatau Steel posts Rp800 bio profit

Indonesia's largest still manufacturer PT Krakatau Steel (KS) reports Rp9 trillion of revenue and Rp800 billion of net profit in the first half 2010 (1H 2010).
As reported by Bisnis Indonesia today, Krakatau Steel's President Director Fazwar Bujang said the company's revenue has increased by 30% compared to the same period last year. "We have posted better sales volume and sales price this year than a year ago," he said.  
Krakatau Steel targets Rp19 trillion of revenue this year, a 16.7% growth from the previous year of Rp16.28 trillion.
The company is scheduled to offload up to 30% stakes during initial public offering (IPO) into the primary market at the third or fourth quarter this year.
Five underwriters, Bahana Securities, Danareksa Sekuritas, Mandiri Sekuritas, Credit Suisse, and Deutsche Bank, have been mandated by the company to help arranging the IPO.
Krakatau plans to produce 2.9 million tons this year, a 45% jump from the previous year of 2 million tons.

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