Steel producer Steel Pipe Industry of Indonesia (ISSP), or Spindo, booked net profit of Rp24 billion only in first half (H1) this year, dropped 76% from Rp101 billion in H1 last year. Sales was flat at Rp1.57 trillion while general and administration expenses rose 59% to Rp102 billion. Other income also declined 47.7% to Rp45 billion. ISSP’s assets reached Rp5.98 trillion while liability amounted Rp3.32 trillion.
