Posted on 29 Mar 2012
Publicly-listed tinplate producer PT Pelat Timah Nusantara, more popularly known as Latinusa, reported a net loss of Rp 19.26 billion (about US$2.09 million) in 2011, a significant setback as the company booked Rp 74.58 billion in net profits in 2010.
The company, a subsidiary of state-owned steel giant PT Krakatau Steel, reaped Rp 1.26 trillion in sales last year, a 7 percent decrease from Rp 1.36 trillion of sales in 2010. Latinusa sold 100,862 tons of tinplate last year, a 5 percent decrease from 106,199 tons in 2010. Latinusa’s major customer is PT Frisian Flag Indonesia and PT United Can Company, which bought 18 percent and 16 percent of the company’s products respectively.
The company remained with a gross profit of Rp 85 billion, a significant decline from Rp 185 billion in 2010. However, operating expenses of Rp 100.21 billion, made the company suffer operating losses of Rp 14.67 billion.
Latinusa said in a written statement that the global economic slowdown and internal factors had imposed major challenges across the board.
