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State-owned toll road operator books 33.9% growth in net profit
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Vehicles pass the Cikopo-Palimanan (Cipali) toll road exit gate in Cirebon, West Java, on Dec. 23, 2016. (Antara/Dedhez Anggara)
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tate-owned toll road operator PT Jasa Marga recorded 33.9 percent growth in its net profit to Rp 547.25 billion (US$41.1 million) in this year's first three month versus Rp 407.52 billion booked in the corresponding period of last year.
The publicly listed firm's revenue skyrocketed by more than 72 percent to Rp 5 trillion over the same period, mainly supported by strong growth in its construction business.
The firm's construction sector revenue more than tripled to Rp 2.86 trillion as of March versus Rp 852.12 billion in last year's first quarter, according to Jasa Marga's financial report published at the Indonesia Stock Exchange (IDX).
Toll roads and other businesses sectors contributed Rp 2.14 trillion to the company's revenue, marking year-on-year (yoy) growth of 4.4 percent.
In line with the construction expansion, Jasa Marga's costs also soared, rising by more than 115 percent yoy to Rp 3.77 trillion, while its liabilities hiked by 15.4 percent to Rp 42.87 trillion.
The firm's asset value increased by almost 11 percent yoy to Rp 59.28 trillion as of March.
By the end of the first trading session on Thursday, Jasa Marga's stock price had jumped 2.47 percent from the previous close to Rp4,570. (bbn)
