SPP suspends RI operations

SPP suspends RI operations

SINGAPORE (Reuters): Singapore's construction-based SPP Ltd said yesterday its Indonesian subsidiary plunged into the red in the second half of last year and it had suspended operations in the country.

SPP, a unit of Tuan Sing Holdings Ltd, said in a statement the sharp deterioration in its Indonesian business due to Asia's currency crisis was a major factor in its losses in 1997.

For the year ended December 31, 1997, SPP made a net loss of S$13.24 million (US$8.2 million) compared to a net profit of S$1.95 previously.

The Indonesian subsidiary, P.T. BorPiling Lestari, lost S$7.0 million in the second half of 1997 compared with a first half profit of S$1.2 million, SPP said.