Nov 5, 2010

Adhi Karya secures Rp401 bio projects

PT Adhi Karya (Persero) Tbk, Indonesia’s state-owned construction company, finally won a contract to build a Rp401.49 billion multipurpose port in Lamong gulf, Tanjung Perak port, Surabaya.
In the company’s press release, Adhi Karya’s Corporate Secretary Kurnadi Gularso said the construction shall begin by October 2010 until June 2012.
“Adhi Karya shall be responsible for the preparation, structural and some other phases,” said Gularso.
Such contract certainly increased the numbers of contact managed by this state-owned construction company.
In the meantime, until the end of September 2010, Adhi Karya has recorded Rp3 trillion contract value or 30.61% out of the company’s target at Rp9.8 trillion.
The company expects to fulfill the remaining loop as much as Rp6.8 trillion in the Q4/2010. Adhi Karya reasoned that such failure took place since many projects were executed in Q4 or the period where government tapped the allocated budget.
Some projects eyed by Adhi Karya are the second phase of 10,000 Mega Watt power generator construction valuing Rp1.6 trillion as well as the toll road construction valuing Rp75 trillion.
Beside some new contracts, Adhi Karya still poses carry over contract valuing Rp5.8 trillion, making the total contract during 2010 as much as Rp15.6 trillion. 

Disclosure: No position at the stock mentioned above.  

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