Krakatau Steel back in the black

JAKARTA: State-owned steelmaker PT Krakatau Steel said on Friday that the company booked a net profit of Rp 222 billion (US$27 million) last year, compared to a loss of Rp 256 billion in the previous year.

Last year, Krakatau and its 10 subsidiaries recorded a combined net profit of Rp 233 billion.

"An increase in total sales of Rp 6.15 trillion in 2002 was the main contributor to the profit," company president Soetrisno said.

In 2002, Krakatau sold some 2.1 million tons of steel, of which some 1.6 million tons were sold on the local market.

The 2002 financial report was audited by the Supreme Audit Agency (BPK) for the first time in the company's history. Its books were previously audited by public accountants.

The company said it accounts for 2.5 million tons of the country's annual output of 2.89 million tons.

The country's total consumption of steel amounts to 3.9 million tons every year. -- JP