Surabaya-based steel manufacturer PT Jaya Pari Steel Tbk (JPRS) booked Rp38.59 billion of net profit, a 229.80% jump from the same period last year which posted a net loss of Rp29.73 billion.
In the first half financial report submitted to Indonesia Stock Exchange (IDX), Jaya Pari Steel's profit was mainly underpinned by a strong growth of sales in 1H 2010. The company posted Rp237.03 billion of sales in 1H 2010, a 188.37% growth from a year earlier of Rp94.68 billion.
Operating profit also skyrocketed 314.27% from Rp20.81 billion of net loss to Rp44.59 billion of net profit.
Disclosure: No position at the stock mentioned above.
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