JAKARTA - Although net income increased in the third quarter of 2018, PT Krakatau Steel (Persero) Tbk (KRAS) recorded a comprehensive loss for this year of US $ 174,556, more than US $ 2,510 in the same period of 2017. Increased losses were affected by rising costs of goods sold and revaluation of fixed asset deficits.
Based on the company's financial statements, Krakatau Steel posted a net income of US $ 1.27 million in the third quarter of 2018, an increase of around 22.81% from US $ 1.03 million in the same period in 2017. Its gross profit was US $ 114,176 or 8.94% of net income, down from US $ 155,923 or 14.99% of net income. The cost of revenues was US $ 1.16 million, up from US $ 883,991.
The largest customers consist of third parties (US $ 1.06 million), related parties (US $ 119,564), and government related entities (US $ 88,561) in the third quarter of 2018. In the same period of 2017, third parties (US $ 870,309 ), related parties (US $ 97,435), and government related entities (US $ 72,170). While revenues from the local market (US $ 1.09 million), exports (US $ 33,206), real estate and hotels (US $ 12,836), engineering and construction (US $ 21,997), port service providers (US $ 44,176), and other services (US $ 68,504) in the third quarter of 2018.
Furthermore, the company's operating loss was recorded at US $ 10,704, down from US $ 23,197 in operating profit in the same period last year. Loss for the period of US $ 36,716), higher than US $ 78,621 in losses for the period. The revaluation of fixed assets deficit of US $ 119,155 decreased from US $ 82,409 in the fixed assets revaluation surplus. (LK)