JAKARTA: Indonesia's largest steel maker PT Krakatau Steel Tbk (KRAS) today reported a 69.69% plunge in consolidated net profit for the first quarter of this year because of higher cost of goods sold (COGS). Krakatau posted IDR141.89 billion net profit or IDR9 per share in 1Q 2010 from IDR468.06 billion or IDR30 per share in 1Q 2010.The company also suffered a 52.39% drop in gross profit to IDR422.26 billion from IDR886.92 billion as a result of higher cost of goods sold than net revenue growth.Krakatau Steel's COGS was IDR3.81 trillion, a 7.93% increase from IDR3.53 trillion, while its net revenue increased 3.85% to IDR4.24 trillion from IDR4.41 trillion.Majority stake in Krakatau Steel is still controlled by the state. (wiw)

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