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Jasa Marga to spend Rp 3t on road projects
State-run toll operator PT Jasa Marga will allocate around Rp 3 trillion (US$227
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State-run toll operator PT Jasa Marga will allocate around Rp 3 trillion (US$227.07 million) to finance the company's toll road projects in the second half of this year, the company's senior executive says.
'We need around Rp 4 trillion for all of our new projects this year. For the second half of the year, we will spend almost Rp 3 trillion,' Jasa Marga president director Adityawarman said on Tuesday after a closed-door meeting at the State-Owned Enterprises Ministry.
He explained that his firm had secured a loan facility for the required funds.
Jasa Marga has previously stated that it will allocate Rp 3.85 trillion in capital expenditure (capex) this year, with Rp 1 trillion coming from bank loans and the remainder from internal cash.
The publicly listed firm's total cash and cash equivalent stood at Rp 2.9 trillion at end of March this year, according to its quarterly financial report.
Adityawarman said his firm would continue working on its eight toll road projects, such as the Gempol-Pandaan, Gempol-Pasuruan and Surabaya-Mojokerto toll road sections, in the second half of this year.
It had been previously reported that Jasa Marga would work on 10 toll road section projects this year, with two already in operation.
The two toll sections in operation are Nusa Dua-Ngurah Rai-Benoa ' operated since Oct. 1, 2013 ' and the Jakarta Outer Ring Road (JORR) W2 North ' operated since July 22 last year.
The other eight toll sections are the Bogor Outer Ring Road, Semarang-Solo, Surabaya-Mojokerto, Kunciran-Serpong, Gempol-Pasuruan, Gempol-Pandaan, Cengkareng-Kunciran and Medan-Kualanamu-Tebing Tinggi, with a combined length of 264.75 kilometers.
The Gempol-Pandaan, Gempol-Pasuruan and Surabaya-Mojokerto toll sections, which have a combined length of 63.78 km, are slated to be in operation in August or September this year, according to a previous statement of Jasa Marga finance director Reynaldi Hermansjah.
He stated that the operation of the three sections would help his firm boost its revenues after previously booking a lackluster performance in the first quarter of this year.
The firm, which is listed on the Indonesia Stock Exchange (IDX) under the code JSMR, saw its total revenue drop by 5.3 percent to Rp 1.97 trillion in the January-March period, from Rp 2.08 trillion in the same period last year.
Jasa Marga's revenues from toll operations hit Rp 1.66 trillion in the first three-month period, a 9.2 percent increase from Rp 1.52 trillion in the same period last year.
The firm's revenues from construction projects, meanwhile, plunged by 57.8 percent year-on-year to Rp 195.08 billion in the January-March period.
In another development, the firm is set to take part in the country's ambitious 2,700-km Trans-Sumatra project, which is expected to be completed in the next two or three years.
Adityawarman said, however, that his firm had not yet received a detailed project plan as it was still waiting for a presidential decree revision that would allow PT Hutama Karya to lead a consortium of state-owned enterprises in constructing all 24 sections of the project.
The government has formed a consortium of state-owned enterprises, consisting of Jasa Marga, Hutama Karya, PT Wijaya Karya (WIKA) and PT Waskita Karya, to progress the project.
Jasa Marga's shares dropped by 0.78 percent to Rp 6,400 per piece on Wednesday's close from Rp 6,450 apiece in the previous session.
