Mar 1, 2011

Citra Marga FY10 net income jumps

Toll road operator, PT Citra Marga Nusaphala Persada Tbk (CMNP) may book a steep jump of net income above Rp207 billion in 2010 or 3 folds higher than the realization in 2009.
Director of Citra Marga Indrawan Sumantri said that the increase of net income is mainly supported by the successful cost efficiency, traffic increase, and the adjustment of toll road tariff
“In 2009, the net income of the company was Rp69.09 billion. Meanwhile in 2010, the number has increased compared to 2009. It climbs 3 times higher than the position in 2009,” he told Insider Stories today.
However, he can not give the detail on the figure since it is still under audit process. “Soon, it will be announced. Maybe it will happen in the third week of this month,” he said.
The toll road operator, as Indrawan predicted, in last year may be able to book revenue Rp700 billion. If it compares to the revenue in 2009 which was Rp631.54 billion, then last year’s position is likely to grow 10.84%
According to him, as of September 2009, there was an increase of toll road tariff, thus the impact can be felt by Citra Marga in 2010.
In 2009, the biggest contribution of Citra Marga came from Jakarta Ring Road Toll which gave Rp596.27 billion, while Simpang Susun Waru-Bandara Juanda toll road only contributed Rp31.11 billion.
Referring to the regulation, toll road tariff has to be adjusted in every 2 years, thus on August and September there will be other tariff adjustments.
“We predict Citra Marga’s revenue and net income in this year to grow 10% and 15% respectively,” said Indrawan. 

Disclosure: No position at the stock mentioned above. 

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