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tate owned construction company PT Adhi Karya (ADHI) will unlikely be able to meet this year'€™s initial revenue target following delays in a number of engineering, procurement and construction (EPC) projects.

Corporate secretary Amrozi Hamidi said the company'€™s total revenues were projected to reach only about Rp 12.8 trillion (US$1.3 billion) this year, lower than its previous estimate of Rp 13.3 trillion. However, the company maintained its profit target of Rp 454 billion despite the estimated lower revenues.

The target of new contracts, according to Amrozi, is also reduced to Rp 14.4 trillion from the initial estimate of Rp 16.8 trillion due to a delay in several projects. '€œThere are some EPC projects that are delayed,'€ Amrozi said. Adhi Karya, whose shares are traded under a code ADHI, reaped Rp 2.5 trillion in new contracts during the January to April period of the year, or almost 20 percent of its full year estimate.

He named a few projects reaped during the first four months of the year, including road construction on Jalan Jatigede in West Java worth Rp 85 billion, the development of a conveyor for fertilizer company PT PUSRI worth of Rp 363 billion, construction for LOR Inn hotel in Solo of Rp 128 billion, Semarang hospital of Rp 57 billion, Padma Resort in Bali of Rp 105 billion, a condotel in Bali of Rp 65 billion, construction of 400 meters of P Balang bridge project worth Rp 57 billion and construction of the Mamminasata water treatment plant of Rp 138 billion.

The company reported Rp 1.36 trillion in revenues during the first three months of the year, a significant increase compared to Rp 591.63 billion in the same period last year.

About a half of the company'€™s revenues were earnings from carry over contracts while the other half came from the property business, according to Amrozi.

Three out of ADHI'€™s four divisions reported significant growth, its financial report showed.

ADHI'€™s construction business reaped Rp 985 billion in revenue, contributing about 72 percent to total revenue. Earnings from construction in the first quarter of the year was a double increase from a year earlier.

Revenue from EPC business jumped to Rp 333.62 billion in the first quarter of the year from Rp 88.99 billion in the same period last year. However, revenue from real estate dropped to Rp 3.46 billion in the first three months of the year from Rp 10.95 billion year on year.

A significant drop in real estate was balanced by ADHI'€™s new business line of property, which booked Rp 38.26 billion in revenue during the first quarter of the year. Property players in the country enjoyed growing earnings on the back of increasing demand, particularly from middle income earners.

The company recorded Rp 11.53 billion in net profit in the first quarter of the year, more than a double increase compared to Rp 5.47 billion year on year.

Shares in ADHI were closed at Rp 2,975 on Friday, declining by 0.83 percent from a day earlier.