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Waskita Karya sees net loss widen despite revenue increase in 2022
Publicly listed PT Waskita Karya recorded an extra Rp 3 trillion (US$201 million) of revenue in 2022 compared with the previous year but its net loss swelled by a considerable margin for the full-year figure.
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A sign is seen on a construction site for Waskita Beton Precast, a subsidiary of the state-owned construction firm Waskita Karya, in this undated photo. (kompas.com/Ridwan Aji P.)
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tate-owned construction firm PT Waskita Karya saw its net loss swell in 2022, marking a shift in its financial performance from the previous year.
This construction firm, with ticker code WSKT, incurred a net loss of Rp 1.9 trillion (US$127.28 million) in 2022, inflating by 73 percent year-on-year (yoy) from its 2021 figure of Rp 1.09 trillion.
In 2021, the company saw significant improvement after it successfully slashed its net loss from a whooping Rp 7.3 trillion.
On the bright side, the firm’s associates and joint ventures recorded a Rp 1.07 trillion net profit, good news given that it booked a loss of Rp 321.6 billion the year prior.
Read also: Waskita divests two toll road sections to INA
Waskita’s worsening net loss occurred despite the company managing to increase its revenue by Rp 3 trillion or equivalent with a more than 25 percent hike in 2022 compared with the previous year. The increment brought the total figure to Rp 15.3 trillion.
Waskita’s construction service income contributed the most to this revenue increase as it surged by around 33 percent yoy to Rp 13.56 trillion from the preceding year, followed by toll roads that brought in Rp 916.56 billion. The rest came from other businesses, including property.
