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Jakarta Post

Pertamina subsidiary allocates Rp10t for seven property projects

  • News Desk

    The Jakarta Post

Jakarta   /   Fri, July 19, 2019   /   04:09 pm
Pertamina subsidiary allocates Rp10t for seven property projects PT Patra Jasa, a Pertamina subsidiary, has allocated Rp 10 trillion (US$ 718.9 million) to fund seven property projects in 2019. (Shutterstock.com/Creativa Images)

PT Patra Jasa, a diversified subsidiary of state-owned oil and gas holding company Pertamina, has allocated Rp 10 trillion (US$718.9 million) to finance seven property projects in various cities.

“The seven projects are our main priority for this year,” Patra Jasa president director Hari T. Wibowo said on Thursday as quoted by kontan.co.id.

Hari said two of the projects were in Kuningan in South Jakarta -- ePolis energy-based site that is being constructed on a 5.9-hectare plot of land and Arkananta, an apartment project for high-end customers.

The company also is also building a superblock in Cirebon, West Java, on a 5.5 ha plot of land, two hotels in Simpruk, also in Jakarta, and two projects in Dumai, Riau, and Yogyakarta.

Hari said the company expected to earn Rp 202 billion in net profit this year from a targeted revenue of Rp 2.43 trillion, 75 percent higher than the Rp 1.39 trillion income it earned in 2018.

Patra Jasa finance and human capital director Muhammad S. Fauzani said that by the end of the first half of 2019, the company had made Rp 680 billion in income, 30 percent of its target.

Fauzani said the multiservice segment -- tour and travel services as well as transportation -- contributed about 50 percent of the revenue in the first halt, while the property segment contributed 30 percent. Another 20 percent came from its hospitality business.

Patra Jasa saw an increase in both revenue and net profit from Rp 1.01 trillion and Rp 118 billion in 2017, respectively, to Rp 1.3 trillion and Rp 133 billion in 2018, respectively. (dpk/bbn)