JAKARTA (Yosefardi) – State construction firm PT Adhi Karya Tbk (ADHI) postpones its rights issue plan as the current market condition does not support.
The company plans to issue 30% new shares this year, targets to raise Rp2 trillion. ADHI lost 4.97% to Rp1,530 per share this morning trade.
ADHI allocates its capital expenditure (Capex) of Rp700 billion for this year. It also plans to work on monorail project (Kuningan-East Bekasi and Cawang-Cibubur sections) with investment cost of Rp1.2 trillion.
ADHI booked net profit of Rp68 billion in first half of 2013, surged 134% from Rp29.05 billion in the same period of 2012. Its revenue jumped 86% to Rp3.3 trillion, from previous Rp1.77 trillion.
ADHI targets revenues to grow by 57.2% to Rp12 trillion this year while net profit is targeted to reach Rp454 billion, a 114.2% surge compared to Rp211.9 billion last year.
The company booked new contracts of Rp4.67 trillion in first half of this year, representing 33.36% of this year target (Rp14 trillion).