Jaya Pari's profits fall

JAKARTA (JP): Publicly listed PT Jaya Pari Steel will pay its shareholders a dividend of Rp 50 (US$0.02) a share even though its net profit plunged last year, the company said yesterday.

Jaya Pari, which operates a steel plant near Surabaya in East Java, said its net profit plunged 98 percent last year because of a 14 percent drop in its steel plate sales prices and a rise in raw material prices.

The company said the domestic price of steel plates was depressed by cheap imports from Russia, Ukraine, China and India.

But the company's sales rose 16 percent in value to Rp 63 billion last year, and 23 percent in volume. (nur/das)