JAKARTA (Yosefardi) – State construction firm PT Waskita Karya Tbk (WSKT) opts to divest toll projects instead of investing for long term period.
The company is now initiating toll road projects such as Depok-Antasari section, Pejagan-Pemalang, Medan Kualanamu, and Legundi-Bunder.
WSKT will divest its toll road projects after finishing the construction, part of its efforts to boost revenues from construction segment.
In first half of 2014, WSKT recorded revenues of Rp3.18 trillion, grew by 5.8% from Rp3.01 trillion in the same period of 2013.
The revenues only covered 30% of this year’s target. However WSKT is optimistic to achieve sales target for this year as the government’s projects tenders would be effective in the second half of this year.
WSKT also expects to book other income of Rp60-70 billion this year.
The company plans to raise Rp5.7 trillion via bond issue and bank’s loan, to fund its business expansion. The company allocates Rp2.34 trillion for funding toll road project (Pejagan-Pemalang section) this year.
The company had bank’s loan facility of Rp4 trillion, of which Rp1.1 trillion had been spent.
WSKT targets to book net profit of Rp443 billion this year, a 17.66% growth compared to Rp368 billion last year. In fact, the company only booked net profit of Rp61 billion in the first half of 2014.