Energy related projects boost WIKA's revenues

Listed state construction and engineering company PT Wijaya Karya Tbk (WIKA) said it booked new contracts worth Rp1.3 trillion in September alone, boosting the value of its new project contracts in the first nine months to September to Rp9.4 trillion.

The nine-months new contracts represented an increase of 81.5 percent from the same period last year of Rp5.2 trillion.

The combined carry over and contracts as of end September 2011 stood at Rp22.2 trillion, compared to Rp15.7 trillion in September 2010.

New project contracts secured in September included hauling road project in Kutai Barat, East Kalimantan worth Rp311.6 billion, Bosowa LPG Terminal in Makassar, Sulawesi worth Rp221 billion, crude oil pipe Tampino in Plaju worth Rp134.6 billion and new access road in Gunung Putri, Bogor, West Java worth Rp118.2 billion.

The new contracts helped boost the company?s revenues in the first nine months to September to Rp6.4 trillion, increased 50.2 pecent from the same period last year of Rp4.7 trillion. This lifted the company?s net profit (earnings after tax) in the period to Rp215 billion, compared to Rp204 billion in the same period last year.

Wika said given the nine months performance, it expects to reach its full year net profit target of Rp350 billion.

Going forward, the company plans to increase revenues contribution from energy-related projects and investment.

In 2012, the company expects to obtain revenues from investment in energy projects of around Rp45 billion, or 10 percent of projected revenues.

Among its investment in energy projects is power plant PLTD Pesanggaran Bali with output capacity of 3x18 MW, which has commenced operation and will help boost the company?s revenues in the coming years. (giok)