Adhi Karya profits grow 84 percent in 2009

JAKARTA: State Construction Company PT Adhi Karya booked Rp 150 billion (US$16.3 million) in unaudited net profit last year or a 84 percent increase up from Rp 81.5 billion in 2008, the company's senior executive has said.

"Our net profits exceeded our target of Rp 120 billion," Adhi Karya president director Bambang Triwibowo told reporters late Wednesday.

He said that the higher profit was partly attributed to the increase in new contracts, mostly from the government. It was reported that in 2009 the company secured Rp 14 trillion of infrastructure contracts.

Bambang said that the company targeted to book total revenues of about Rp 10 trillion this year or a 20 percent increase from Rp 9 trillion in the unaudited revenue in 2009.

"We will boost our revenue from new contracts for several projects this year," he said.

One of the new projects is to build the Mangkuluhur Office Tower, a 30 floor office building located on Jl. Gatot Subroto, Jakarta .

Besides domestic projects, the company will also be involved in the construction of a mixed-use building complex called Tilal Complex El Khuwair in Oman. - JP