SPP suspends RI operations<\/p>\n
SINGAPORE (Reuters): Singapore's construction-based SPP Ltd
\nsaid yesterday its Indonesian subsidiary plunged into the red in
\nthe second half of last year and it had suspended operations in
\nthe country.<\/p>\n
SPP, a unit of Tuan Sing Holdings Ltd, said in a statement the
\nsharp deterioration in its Indonesian business due to Asia's
\ncurrency crisis was a major factor in its losses in 1997.<\/p>\n
For the year ended December 31, 1997, SPP made a net loss of
\nS$13.24 million (US$8.2 million) compared to a net profit of
\nS$1.95 previously.<\/p>\n
The Indonesian subsidiary, P.T. BorPiling Lestari, lost S$7.0
\nmillion in the second half of 1997 compared with a first half
\nprofit of S$1.2 million, SPP said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/spp-suspends-ri-operations-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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