COMPARATIVE STUDY FINANCIAL PERFORMANCE OF INDONESIA STATE-OWNED ENTERPRISE AND PRIVATE ENTERPRISE IN STEEL PRODUCING INDUSTRY FOR THE PERIOD OF 2013- 2018

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Daryanto, Wiwiek Mardawiyah and Okiviantoro, Setyo and Naufal, Tengku Ervan (2020) COMPARATIVE STUDY FINANCIAL PERFORMANCE OF INDONESIA STATE-OWNED ENTERPRISE AND PRIVATE ENTERPRISE IN STEEL PRODUCING INDUSTRY FOR THE PERIOD OF 2013- 2018. South East Asia Journal of Contemporary Business, Economics and Law, 21 (1). pp. 11-21. ISSN 2289-1560

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Abstract

Indonesia’s steel industry is unlucrative due to high levels of imports. Steel import reaches 1,15 billion USD in 2018. The high level of imports are mainly caused by domestic production that focuses on construction needs while the needs of steel for non construction industry is greater. President Joko Widodo has publicly stated that the import of steel is one of the significant factors in the country’s trade deficit. In assessing the industry, this study analyses the financial health of a state owned enterprise as well as a private enterprise of a steel producing firm. The company that is used from the state-owned enterprise (SOEs) is PT Krakatau Steel while from the private enterprise is PT Betonjaya Manunggal. The data used are collected from the published audited report. Financial ratios that are stated in the Decree of Indonesia Ministry of State-Owned Enterprises No.KEP-100/MBU/2002 are used to analyse the health of the companies. Specifically, the financial ratios that will be used are; 1) return on equity, 2) return on investment, 3) cash ratio, 4) current ratio, 5) collection period, 6) inventory turnover, 7) total asset turnover, 8) total equity to total asset. The results of the analysis from 2013-2018 are ; PT Krakatau Steel (BB, B, B, BB, B, BB) and for PT Betonjaya Manunggal (AA, BBB, BBB, BB, BBB, A). In conclusion, PT Krakatau Steel needs to improve on their liquidity and profitability while PT Betonjaya Manunggal needs to improve on their activity.

Item Type: Article
Subjects: H Social Sciences > HG Finance
Divisions: Research And Community Empowerment > Journals
Depositing User: Dr. Wiwiek Mardawiyah Daryanto
Date Deposited: 18 Nov 2020 03:55
Last Modified: 21 Dec 2021 03:45
URI: http://repository.ipmi.ac.id/id/eprint/969

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