The state-owned steel maker PT Krakatau Steel Tbk (KRAS) posted a 36.97% increase in net profit in the first half of this year as it booked gain on transfer of fixed assets.
Krakatau booked Rp1.37 trillion net profit in 1H 2011 or Rp87 per share from Rp997.75 billion in 1H 2010 or Rp63 per share. Following the increase, the company's net margin rose to 16.17% from 11.09%.
Krakatau booked Rp1.09 trillion gain on transfer of fixed assets. However, gross profit tumbled 52.31% to Rp903.61 billion from Rp1.89 trillion as a result of higher cost of goods sold. Net revenue slightly fell 6.56% to Rp8.41 trillion from Rp9 trillion.
Disclosure: No position at the stock mentioned above.
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