JAKARTA: Manufacturer of iron and steel PT Jaya Pari Steel Tbks net profits declined 22.87% to IDR29.76 billion, or IDR39.68 a share, in the first half of this year due to higher cost of goods sold.The company booked revenue of IDR328.25 billion in the first half of this year, a 38.48% increase. However, its gross margin declined 5.19% to IDR48.59 billion as cost of goods sold soared 50.53%.Its operating income declined 6.79% to IDR41.56 billion.The cash and cash equivalent dropped 62.91% to IDR4.66 billion as of June 30, 2011, compared to IDR12.55 billion as of December 31, 2010.The JPRS-coded stock decreased 2.78% or IDR20 to IDR700 at the midday trading break in Jakarta trading today. (msw)

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