Jan 24, 2011

Adhi Karya fails to meet sales target

The state-owned contractor PT Adhi Karya Tbk (ADHI) estimates that it won't meet its sales target last year, but it may reach its net income target.
Adhi Karya Corporate Secretary Kurnadi Gulardo said the company may reach Rp6.05 trillion sales last year, below its initial target of Rp8.6 trillion.
The sales last year fell 21.53% from Rp7.71 trillion in 2009. Adhi Karya's failure to meet its sales target as several contracts have been delayed, engulfing other contractors as well.
"Our sales drop was due to several projects such as toll road and power plant have been delayed. However, we can achieve net income target of Rp185 billion," said Kurnadi.
Adding to that, Adhi Karya is eyeing Rp9.15 trillion sales this year, a 51.23% increase from last year. "We predicted that our sales will steeply surge as carry over several contracts from last year," he said.
The company predicts to achieve Rp203 billion net income in 2011, a 9.72% rise from last year of Rp185 billion. Adhi Karta plans to allocate Rp78 billion capital expenditure this year.

Disclosure: No position at the stock mentioned above.

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