JAKARTA (Yosefardi) – PT Steel Pipe Industry of Indonesia (Spindo) Tbk (ISSP) booked net profit of Rp116.4 billion in the first half of 2015, dropped 43% from the same period of 2014.

Revenues grew by 7% to Rp1.77 trillion but the company suffered foreign exhange (forex) loss of Rp66.9 billion for the period, against forex gain of Rp30.1 billion in the first half of 2014. The expenses also jumped 75% to Rp116.4 billion.

ISSP targets its revenue to grow by 7-10% this year, compared to last year’s revenues of Rp3.53 trillion. The company plans to issue medium term notes (MTN) worth Rp500 billion this year.