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PT PP soars with growing national construction industry
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The logo of state-owned construction firm PT PP. (Courtesy of/PT PP)
State-owned construction firm PT PP booked Rp 16.46 trillion (US$1.23 billion) in revenue last year, up 15.75 percent from 2015.
Although its costs went up by more than 14 percent year-on-year (yoy) in 2016 to Rp 14 trillion, it managed to book net profit growth of 38.26 percent.
Last year, the firm reaped Rp 1.02 trillion in net profit versus Rp 740.18 billion in the previous year, according to the firm’s financial report submitted to Indonesia Stock Exchange (IDX) on Tuesday.
Its assets expanded by around 63 percent to Rp 31.23 trillion, mainly because cash and cash equivalent as well the value of to-be-developed land plots almost tripled compared to 2015.
(Read also:Construction firm PTPP eyes 20% growth in new contracts)
The publicly listed company has earmarked Rp 21 trillion in capital expenditure for this year, keeping its business focus on construction, followed by low-cost residential buildings, infrastructure and energy.
“The significant investment is hoped to not only get new contracts but also to encourage demand and production capacity in the company as well as all of its subsidiaries,” PT PP president director Tumiya wrote in a statement.
PT PP targets new contracts worth Rp 40 trillion this year, which would mark an increase of more than 22 percent from last year’s Rp 32.6 trillion. (bbn)
