The state-controlled steel maker PT Krakatau Steel Tbk (KRAS) suffered a 65.08% drop in operating profit last year as a result of a 28.81% increase in cost of goods sold.
In the financial statement filed to Indonesia Stock Exchange (IDX) today, Krakatau Steel booked Rp358.57 billion in operating profit in 2011 from Rp1.03 trillion a year earlier.
Net profit fell 2.83% to Rp1.03 trillion from Rp1.06 trillion. The company posted a 29.95% decrease in gross profit to Rp1.59 trillion from Rp2.27 trillion, while net revenue rose 19.95% to Rp17.92 trillion from Rp14.94 trillion.
Disclosure: No position at the stock mentioned above.
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