TEMPO.CO, Jakarta - State-owned construction company PT Adhi Karya (Persero) Tbk., expects net income of Rp301 billion by the end of 2016, lower than its initial target of Rp750 billion.
Lower net income is expected as this year’s sales target drops to Rp11.44 trillion compared to the initial target of Rp20.05 trillion. New contracts secured by the issuer with the stock symbol ADHI is expected to only reach Rp17.9 trillion of the initial target of Rp25.06 this year.
Adhi Karya finance director Harris Gunawan said that the company has changed its targets due to project supensions in 2016. “Some projects have been suspended and delayed,” he told a press conference yesterday, as quoted by Bisnis Indonesia.
As of Q3/2016, Adhi Karya has secured new contracts worth Rp115.18 billion, a 16% year-on-year drop from Rp137.35 billion. In Q3/2016, Adhi Karya recorded Rp5.69 trillion in sales, a year-on-year increase from Rp5.41 trillion.
Meanwhile, as of late October 2016, Adhi Karya had secured new contracts worth Rp11.4 trillion. As such, Adhi Karya has to secure new contracts worth Rp6.5 trillion in November and December to achieve its target of Rp17.9 trillion.
BISNIS.COM
