Oct 27, 2010

Adhi Karya 9M net profit rises 17.91%

PT Adhi Karya Tbk (ADHI), a state-owned construction enterprise, booked an increase of its net income 17.91% at the end of this year’s third quarter, compared to same period last year.
The Secretary of Adhi Karya Kurnadi Gularso said the company booked Rp75.7 billion net income at the end of September 2010 compared to same period last year, i.e. Rp64.2 billion.
Besides that, the operating income of the listed construction service company grew 44.48% from Rp129.5 billion at the end of September 2009 to Rp187.1 billion.
Adhi Karya's gross income also rose 23.49% per September 2009 to Rp332.1 billion.
However, the SOE’s operating revenue fell 36.83% from Rp4.86 trillion per September last year to Rp3.07 trillion.
“The operating revenue decreases because a number of government projects are slightly moved backward from its original schedule,” he told Bisnis, this evening.
The company targets the contribution from government project to reach 65% of the operating revenue while last year’s contribution was only 55%.
“The operating revenue target of Rp8.6 trillion this year, is likely unreachable. Yet, we are optimistic that Adhi Karya could reach its net income target of Rp185 billion this year,” he said.

Disclosure: No position at the stock mentioned above.
 
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