State steel producer Krakatau Steel (KRAS) suffered loss of US$15.7 million in first half (H1) of 2018, narrowed from loss US$60 million in the same period last year. Revenues rose 34.7% to US$854.27 million from previous US$633.9 million. Gross profit increased 7.5% to US$100.4 million. Operating profit jumped 125% to US$9.3 million from earlier US$4.4 million. KRAS also recorded foreign exchange (forex) gain of US$32.6 million, against loss US$5.76 million in H1 last year.
KRAS used net cash of US$194 million on operation, compared to US$22 million only a year earlier, paying US$912.6 million to supplier (H1 2017: US$639.64 million). The Company obtained longterm loan of US$60 million and short term loan of US$181.5 million in H1. Net cash raised from financing reached US$191 million vs US$91.6 million.