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T Jakarta Tollroad Development (JTD) says it has received fresh capital that will strengthen its bid to win tenders for six toll road projects.

The firm said that it received the funds from PT Jaya Real Property (JRPT) and PT Jaya Konstruksi Manggala Pratama (JKON), which are part of the Pembangunan Jaya Group, the operator of Ancol Dreamland amusement park in North Jakarta.

“We plan to continue accumulating capital to reach a debt-to-equity ratio of 70:30,” JTD president director Frans Sunito said in a text message sent to The Jakarta Post on Thursday.

JTD is a consortium of PT Hutama Karya, PT Pembangunan Perumahan (PP), PT Wijaya Karya (WIKA), PT Adhi Karya (ADHI) and PT Citra Marga Nusaphala Persada (CMNP).

One project that the firm plans to bid on is a 67-kilometer-long toll road that will connect all five of Jakarta’s municipalities. Based on previous reports, the project will require a total investment of Rp 40 trillion (US$4.19 billion).

Jaya Real Property, known for developing the Bintaro Jaya residential area, channeled the funds to JTD by buying 3,622 new shares issued by the firm worth Rp 23.77 billion, boosting Jaya Real Property’s stake in JTD from 15.8 to 28.8 percent.

Jaya Real Property service business general manager Indrajanti said the firm realized that more capital was needed to build toll roads.

“That’s why we decided to add more funds to JTD by buying shares,” Indrajanti said.

As of the end of the first half of 2012, Jaya Real Property reported holding assets totalling Rp 4.71 trillion, liabilities of Rp 2.75 trillion and equities of Rp 1.96 trillion.

During the first half, the company also reported increases in its revenue and net profits.

The firm’s revenues increased 35.1 percent to Rp 486.22 billion, while its net profits were up 22.4 percent to Rp 178.89 billion from the same period last year.

Most of the firm’s reported revenue in the first half came from land sales, which comprised 50.3 percent of the total.

Jaya Real Property expects its revenues to exceed Rp 1 trillion by the year end, which would be 20 percent higher than in 2011, according to Indrajanti.

However, facing declining interest rates, the firm can only expect modest gains in profits for 2012, Indrajanti said. The firm intends to book Rp 401.62 billion in net profits for 2012, which would be up 16 percent from 2011.

Meanwhile, Jaya Konstruksi added Rp 16.9 billion to the JTD after buying 2,576 new shares, boosting its stake in the firm to 20.5 percent, up from the 11.2 percent stake it previously held.

At of the end of the first half, Jaya Konstruksi recorded Rp 2.08 trillion in assets, liabilities of Rp 1.22 trillion and Rp 858.51 billion in equities. (tas)