Krakatau Steel Returns to Profit After Eight Years of Losses

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Reza Pahlevi 15/02/2022 18:30 WIB

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Krakatau Steel recorded a net profit of US$59.72 million as of September 30, 2021.

Krakatau Steel's Net Profit/Loss, 2011-2021

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Krakatau Steel Returns to Profit After Eight Years of Losses

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Krakatau Steel's Net Profit/Loss, 2011-2021

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After years of losses, Krakatau Steel recorded a net profit of US$59.72 million as of September 30, 2021.

A decade ago, in 2011, Krakatau Steel recorded a profit of US$151.2 million.

However, from 2012 to 2019, Krakatau Steel experienced annual losses. The deepest loss occurred in 2017, reaching US$878.65 million.

Krakatau Steel returned to profitability in 2020, with a profit of US$23.68 million that year.

Currently, Krakatau Steel is undergoing debt restructuring to avoid bankruptcy. As of September 30, 2021, the company had outstanding liabilities of Rp47.53 trillion.

Recently, Krakatau Steel has also been in the news due to its CEO, Silvy Karim, being expelled from a hearing with Commission VII of the DPR (House of Representatives) on Monday, February 14.

(See also: Committed to Paying Debts, What is Krakatau Steel's Debt Restructuring Scheme?)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."