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Jasa Marga lowers 2021 capex target due to project delays
The state-owned toll road operator has lowered its 2021 capex disbursement expectation because of delays caused by the various activity restrictions imposed since January.
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The Jasa Marga logo is displayed on the frontispiece of the company's head office in Kramat Jati, East Jakarta. (Courtesy/of Jasa Marga)
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T Jasa Marga expects its capital expenditure (capex) to fall as low as 30 percent below expectation this year because of project delays as a result of the government's COVID-19 restrictions.
The state-owned toll road operator’s finance group head, Eka Setya Adrianto, said capex disbursement might reach only Rp 5 trillion (US$351 million) compared to the budgeted Rp 7 trillion in the worst-case scenario.
“It depends on whether or not we can speed things up in the field,” Eka said during a virtual public exposé on Wednesday.
Jasa Marga, the country’s biggest toll road operator, has disbursed just Rp 2 trillion of capex in the first half of this year as a result of delays to construction incurred by the public activity restrictions (PPKM).
The government introduced the PPKM in January, tightened it to the PPKM Darurat (emergency PPKM) in early July and then changed it into the four-tiered PPKM in late July.
Read also: Toll road operator prepares Rp 27 trillion for 2019 capex
“Jasa Marga is optimistic that the toll road sector will recover faster than other sectors affected by the pandemic,” corporate communications head Dwimawan Heru said on Wednesday.
