PTPP targets 23 percent increase in profits

JAKARTA. Pembangunan Perumahan (PT PP), a publicly listed state firm, aims to book Rp 3.7 trillion worth of contracts in December, bringing its overall total for new contracts in 2010 to Rp 11.5 trillion.

PT PP president director Musyanif said in a statement released Monday that the firm had signed several new contracts in December, including an Attorney Building in Ceger, Jakarta; a 12-kilometer road in East Kalimantan worth Rp 78 billion; the Hotel Natour in Kuta, Bali, worth Rp 158 billion; and other buildings, bridges, toll roads and power plant projects.

“We hope the new contracts will help increase the company’s 2010 revenue and carry over for 2011,” Musyanif said.

With the latest contracts, PT PP has targeted a full-year revenue of Rp 4.5 trillion and a carry over of Rp 6 trillion for 2011. The firm’s net profits are expected to reach Rp 201 billion this year, up 23.3 percent compared to 2009.

“Contracts and revenue composition are still dominated by projects offers from the government and State-Owned Enterprises Ministry,” he said.

Shares in PT PP soared following the announcement, trading at Rp 760 apiece during the Indonesia Stock Exchange’s noon break, up 20 points, or 2.7 percent. PT PP has a total market capitalization of about Rp 3.7 trillion.

Established in 1953, PT PP is among the most renowned construction firms in Indonesia, and was responsible for such historic projects as Hotel Indonesia, the House of Representatives Building, Tanjung Perak Port in Surabaya, East Java, and several other skyscrapers in the Jakarta CBD. (The Jakarta Post)