Mar 28, 2011

Wijaya Karya FY10 revenue drops

The state-owned contractor PT Wijaya Karya Tbk (WIKA) reported a 50.6% jump in net profit to Rp284.91 billion last year from Rp189.22 billion in the previous year.
In a financial statement published today, the company sold assets last year, enabling it to seal Rp30 billion. As a result, the proceed lifted up WIKA's net profit.
In 2010, WIKA sold 60% shareholding in unit company of solar water heater to a strategic partner. The disposal was in line with an intention to focus on the company's core business. However, WIKA's net revenue drops 8.6% to Rp6.02 trillion from Rp6.59 trillion. The company sealed new contracts of Rp10.22 trillion with Rp20.83 trillion order book.

Disclosure: No position at the stock mentioned above.

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