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Monday, February 15, 2010

Jasa Marga targets IDR900 billion profits

Rabu, 10/02/2010 00:00 WIB
Irvin Avriano A.

Jasa Marga targets IDR900 billion profits

JAKARTA: PT Jasa Marga Tbk predicted the net profit in 2010 could increase form early target of IDR750 billion into IDR900 billion expectedly coming from this year revenue.

"It seems it could be upsized noting that some of our capital expenditure last year was not used and there was interest income from that post," said President Director of Jasa Marga Frans Sunito yesterday.

He said the corporate capital expenditure this year is predicted IDR3 trillion or almost the same as last year.

The company also predicted the corporate revenue could reach IDR4.2 trillion rose from IDR3.6 trillion last year.

At least there will be two toll roads finalized in 2010 so as to contribute the company performance. Those are the 1 kilometers Semarang-Ungaran toll, and 3 kilometers Surabaya-Mojokerto.

He said the company also plans to issue bonds worth more than IDR1 trillion this year to refinance the debt.

Frans once said the loan resources will come from bank loan including from PT Bank Man-diri Tbk, PT Bank Rak-yat Indonesia Tbk, PT Bank Negara Indonesia Tbk, and regional development banks (BPD) at toll road project location.

President Director of PT Pem--bangunan Pe-ru-mah-an Tbk (PTPP) Mu-sya-nif said the company and Jasa Marga have conducted due diligence for two toll road projects worth totally IDR3.6-4 trillion.

The toll road consists of 9-12 kilometer Cinere-Serpong which will be kicked off in quarter IV/2010.

Besides, Jasa Marga and PP will also work out Aloha-Wonokromo-Tanjung Perak, Surabaya toll roads. Both projects were valued at IDR1.8-2 trillion each.

Finance Director of Jasa Marga Reynaldi Hermansjah recently added the company organically grew with the development of seven toll road projects totally 200 kilometers in length.

The company aims to acquire at least two new toll roads in java next year by using combination of internal and external funding using bank loan. He declined to name the acquisition value due to the underway negotiation.

"The value could hardly be mentioned as it could affect the negotiated pricing. The 30 percent acquisition fund will use the equity and the other 70 percent from banks that so far in cooperation with us," he said.

The acquisition fund is separated from capital expenditure in 2010 worth IDR3 trillion as the capital expenditure is allotted for regular investment and the current toll road project development.

The stock price of JSMR rose IDR40 with the closing at IDR1,730 as from the previous closing.

This year the stock dropped 4.42 percent with IDR11.76 trillion market capitalization. (Bisnis/iaa)

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