Waskita's first semester net profit surged 133%

STOCK MARKET - JAKARTA. At the end of the first half of 2018 PT Waskita Karya Tbk (WSKT) posted a pretty good performance. WSKT revenue rose 47% on an annual basis to Rp 22.89 trillion. This increase was followed by an increase in revenue costs by 41% to Rp 18.17 trillion.

However, WSKT was still able to record an increase in net profit of 133% to Rp 2.99 trillion.

Armed with good performance in the first half of 2018, Finance Director and WSKT Strategy, Haris Gunawan is optimistic that WSKT will post positive performance at the end of the year.

Previously, said Haris, WSKT would reduce the company's target both net income and income to around 10%. He reasoned that a number of new toll road project investment plans were postponed from the initial target.

On the other hand, a number of toll roads will start operating in the second semester. Like other toll road projects, Waskita will record losses from the initial operation of the project because the traffic volume cannot be immediately high.

"This year's operating revenue target is still on track according to plan. Net profit and revenue targets are in the range of 10 percent, with a net margin target of 7-10 percent by the end of 2018," he explained. .

In terms of the use of capital expenditure (capex) until the period of September 2018, WSKT has used most of the capital expenditure for toll road construction.

"The total capex in 2018 will be IDR 20 trillion, most of which is still used for toll road construction. However, the realization of capital expenditure will be renewed after the release of the official fourth quarter financial report of 2018," he told Kontan.co.id, Wednesday (10/17).