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tate-run builder Adhi Karya is confident that it can net more contracts than initially expected, although its first half update does not show encouraging signs, banking on the government'€™s construction projects.

In the first half of this year, the company pocketed around Rp 6.1 trillion (US$458.5 million) of new contracts, a third of its new contract target of Rp 18.7 trillion which had been elevated from Rp 15.2 trillion initially, according to a press statement released Monday.

'€œWe are still optimistic [to meet the target] because we believe that the government projects are running well,'€ Adhi Karya corporate secretary Ki Syahgolang Permata told The Jakarta Post.

As of the first half, private sector contracts dominated Adhi Karya'€™s report, contributing around 49 percent of the total figure.

Projects funded by state budget made up around 36 percent of total new contracts, while those sponsored by state-run enterprises contributed around 15 percent.

Building construction is still the biggest contributor to the company'€™s profits with 58 percent, while road and bridge projects and infrastructure projects made up about 29 percent and 13 percent, respectively.

State-sponsored projects rose around 3 percent per month, compared with May data, the company'€™s document shows.

Although its first six-month contracts were still a long way from meeting both its old and new targets, Adhi said in the statement that the company was currently involved in project tenders worth up to Rp 21.7 trillion, including projects totaling Rp 448 billion in which the company had been awarded the contract.

The latest additions to the company'€™s new contracts are a low-cost apartment complex in East Java worth Rp 128 billion and a clean water project in Berau, East Kalimantan, worth Rp 160.3 billion.

Adhi Karya operates five business lines, which include construction, property, realty, and infrastructure investments, as well as engineering, procurement and construction (EPC) businesses.

The construction sector is expected to provide the largest contribution to this year'€™s contracts target with Rp 16.1 trillion, followed by property and realty with a combined total of around Rp 1.7 trillion.

The company'€™s EPC unit is expected to bring in about Rp 460.1 billion, while its precast concrete is forecast to contribute around Rp 389.4 billion.

The latest target means Adhi Karya expects to see the value of its new contracts more than double from last year'€™s Rp 9.2 trillion, with contracts for construction and property both doubling.

Adhi Karya was one of the state-run enterprises to receive the government'€™s state capital injection of Rp 1.4 trillion in a rights offering.

It may use the funds to support Jakarta Governor Basuki '€œAhok'€ Tjahaja Purnama'€™s plan to build seven lines of a Light Rail Transit (LRT) system, which are expected to be built before his tenure ends in 2017, to ease traffic during the 2018 Asian Games.