Thursday, December 7, 2017

State-owned Infrastructure companies suffered "severe bleeding"

By on 8:01 PM

State-owned Infrastructure companies suffered "severe bleeding"
Image credit: finance-detik
State-owned Infrastructure companies seem to have suffered "severe bleeding"

Jakarta – Government in era of President Joko Widodo (Jokowi) – Yusuf Kalla (JK from the beginning has encouraged such infrastructure projects as electricity port construction and road construction projects. Even in Government Ordinance No.58 of 2017, the government has established 245 strategic national projects (PSN).

Of the 245 projects, 151 constitute infrastructure projects, many of which are to be carried out by state-owned karya companies.

Such projects have become homework and burden to state-owned karya companies. However, on the other hands, the projects have brought distinctive fortune due to a lot of projects being worked on by them.


State-owned Karya Companies’ Financial Reports

In the financial reports of such state-owned Karya companies, which floor the capital market, as Pembangunan Perumahan Tbk (PTPP) obtaining net profit of 989.9 billion IDR – 74.7% higher than 566 billion IDR. Its operating profit has also risen to 13.76 trillion IDR or 27.4% increase of 10.8 trillion IDR.

While PT Wijaya Karya Tbk (WIKA)’s net profit rose to 682.64 billion IDR or 46.66% increase of 465.46 billion. The net sales also rose to 15.88 trillion IDR or 69.99% increase of 9.34 trillion IDR.

PT Waskita Karya Tbk (WSKT) succeeded in obtaining net profit of 2.57 trillion IDR or 137.9% increase of 1.08 trillion IDR. Its operating income rose to 28.5 trillion IDR, or 50% increase of 14 trillion IDR. While PT Adhi Karya Tbk (ADHI) obtained net profit of 205.07 billion IDR or 78% increase of 115.18 billion IDR and its operating income also rose to 8.7 trillion IDR or 53% increase of 5.69 trillion IDR.

Cash Flow’s beginning to suffer Cash Drag

However, the companies’ profit increase mentioned above is not followed by healthy cash flow. For example, PTPP’s net cash flow is still minus 1.52 trillion IDR. This is due to cash disbursement of 11.8 trillion IDR to its suppliers and subcontractors exceeded the cash receipt of 11.7 trillion IDR.
Debt to equity ratio/DER of PTPP is currently 1.8 times or 22.8 trillion IDR of total debt over the equity of 12.49 trillion IDR.
Meanwhile, ADHI’s cash flow for its operating activity is minus 3 trillion IDR. The cash receipt is 6.87 trillion IDR while the cash disbursement is worth 9.9 trillion IDR.

Debt to equity ratio of PT ADHI is quite high, that is 3.4 times (Total liabilities of 18.8 trillion IDR over its total equity of 5.55 trillion IDR.)

WIKA’s net cash flow to finance its operating activity is also still minus 2.69 trillion IDR. Its cash receipt from its customers is only 9.8 trillion IDR while its cash disbursement to its suppliers is 11.5 trillion IDR.

Debt to Equity Ratio of WIKA is currently 2 x (Total liabilities of 26.87 trillion IDR over total equity of 13.17 trillion IDR)

The same goes for WSKT, whose net cash flow to finance its operating activities is still minus 5 trillion IDR. Its cash receipt from its customers is 14.24 trillion IDR, while its cash disbursement to its suppliers is 16.55 trillion IDR.
WSKT’s DER is currently 2.9 times (its total liabilities of 65.7 trillion IDR over its total equity of 21.9 trillion IDR.

(dna/mkj)
Source:

https://finance.detik.com/bursa-dan-valas/d-3760199/bumn-infrastruktur-mulai-tampak-berdarah-darah?_ga=2.133645581.2000674304.1512520263-495284129.1512520261

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