Aug 26, 2010

Wijaya Karya 1H net profit soars 50.80%

State-owned contractor PT Wijaya Karya Tbk (WIKA) posted Rp140.76 billion net profit in the first half of this year, a 50.80% increase from Rp93.34 billion a year earlier, despite lower net sales and operating profit.
In the financial statement published today, WIKA enabled to jack up its earning because interest and fine charges shrank 84.73% from Rp29.99 billion in the first half of last year to Rp4.58 billion in 1H 2010.
Foreign exchange loss also abated from Rp12.93 billion in 1H 2009 to Rp907.47 million in 1H 2010 on the back of rupiah appreciation against US dollar.
WIKA booked a 1.68% down in operating profit to Rp181.65 billion in 1H 2010 from Rp184.75 billion a year earlier due 33.72% higher operating expenses from Rp66.39 billion to Rp88.78 billion in 1H 2010.
The company's net sales also dipped 15.15% from Rp2.97 trillion in 1H 2009 to Rp2.52 trillion in 1H 2010.

Disclosure: No position at the stock mentioned above.

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