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tate-owned builders posted slight revenue growth during the first quarter of this year in comparison with the same period last year, as projected by analysts who earlier said that the election year might delay construction projects.

Wijaya Karya (Wika) posted modest growth in the first quarter of 2013, as its revenues and net income rose 6 percent and 4 percent year-on-year (y-o-y), respectively.

The company'€™s written statement published on Wednesday said that the publicly listed builder reaped Rp 2.79 trillion (US$242.08 million) in total sales between January and March, up only slightly from the Rp 2.63 trillion recorded during the same period last year.

The company'€™s bottom line during the period stood at Rp 183.1 billion, versus Rp 175.47 billion earned during the first three months of 2013.

Wika'€™s total sales saw contributions from its business segments, namely building and infrastructure, energy and power plant, precast concrete, steel construction and mining.

The growths recorded during the period were far below the company'€™s first-quarter y-o-y growths last year, in which the company posted about an 50 percent increase in revenue and 68 increase in net profit.

As of April, Wika has secured Rp 5 trillion in new contracts, or 19.36 percent of the company'€™s new contracts target for 2014 of Rp 25.83 trillion.

Among new contract the company accepted are an apartment project in Surabaya, East Java, with total investment of Rp 634.6 billion; Dharma Husada Tower project worth Rp 401.8 billion; the Jakarta Selatan General Hospital project worth Rp 188.28 billion; and fuel terminal and gasoline storehouse projects on Riau Island worth Rp 740.45 billion and Rp 1.14 trillion, respectively.

Wika is also working on Telkom University and the Bandung Institute of Technology (ITB) '€” both in Bandung, West Java '€” with total investments of Rp 110.22 billion and Rp 178.66 billion, respectively.

Wika'€™s corporate secretary, Natal Argawan Pardede, said that the company had targeted to reap total contracts of Rp 49.97 trillion, or 28.54 percent above Wika'€™s contracts last year of Rp 38.87 trillion.

The total contracts this year will include Rp 24.14 trillion carried-over contracts from last year.

'€œOut of the total contracts, 70 percent will come from the holding company while the remainder will be from our subsidiaries,'€ Natal said in the statement.

'€œAs for 2014, Wika aims to see its revenue increase 22.84 percent to Rp 18.82 trillion, including from joint operations.'€

Wika'€™s full-year revenue in 2013 stood at Rp 11.88 trillion, a 20 percent increase compared to Rp 9.9 trillion in the previous year.

Its annual net income last year rose 19 percent y-o-y to Rp 624.37 billion. The company is targeting to book a 22 percent net income increase this year.

The company plans to disburse Rp 1.99 trillion in capital expenditure (capex) this year, compared to last year'€™s Rp 1.78 trillion, to finance its upcoming projects.

Meanwhile, another state-run builder, Adhi Karya, also posted stagnant revenue growth at 5.88 percent to Rp 1.44 trillion during the first quarter of this year compared with the same period last year, according to its recently published financial statement.

Adhi, however, maintained its profit growth to hit 42.7 percent to Rp 16.07 billion, compared to Rp 11.67 billion recorded in the first three months of 2013.

Adhi Karya corporate secretary M. Aprindy said in a statement that the company aimed to reap Rp 14.7 trillion in revenue this year, up by 50.6 percent compared to Rp 9.8 trillion in 2013.

Shares in Adhi Karya traded at Rp 3,020 each at Friday'€™s close and have more than doubled so far this year. Wika'€™s stocks meanwhile were priced at Rp 2,265 , having gained 43.3 percent so far this year. Both have outperformed the broader Jakarta Composite Index'€™s (JCI) 13.2 percent gain.