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View all search resultsState-run construction firm Wika sees soaring net profits in Q1
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State-owned construction firm PT Wijaya Karya president director Bintang Perbowo (from left to right), the Bandung Institute of Technology infrastructure expert Harun Al-Rasyid, the president director of Indonesian-Chinese joint venture PT Kereta Cepat Indonesia China (KCIC), Hanggoro Budi Wiryawan, and Transportation Ministry traffic and train director Zulfikri pose after serving as speakers at the 2016 Indonesia Infrastructure Week in Jakarta. (The Jakarta Post/Anton Hermansyah)
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tate-owned construction firm PT Wijaya Karya (Wika) booked strong business growth during the first quarter of 2017. The firm’s net profits skyrocketed by more than 240 percent year-on-year (yoy) to Rp 245.08 billion (US$18.4 million) compared to the same period last year.
Its net sales jumped by more than 39 percent yoy to Rp 3.81 trillion while the value of its assets increased by 5.4 percent to Rp 32.77 trillion, according to the company's financial statement published on the Indonesia Stock Exchange (IDX).
The publicly-listed firm saw its costs soar by 40 percent to Rp 3.4 trillion. It recorded Rp 20 trillion in liabilities, a 7.5 percent increase compared to the corresponding period last year.
(Read also: Wika secures major loans)
Wika is involved in a number of major infrastructure projects, including the development of the light rail transit (LRT) project in Greater Jakarta and the construction of the high-speed rail line connecting Jakarta and Bandung.
Wika's stock, traded on the IDX under the code WIKA, soared during Thursday's first session trading.
The value of the company's shares gained 2.15 percent to 2,380 apiece by the end of the first session compared to its previous close on Wednesday. (hwa)
