Baca berita tanpa iklan. Gabung Kompas.com+

Indonesian Company Postpones Project in Libya

Kompas.com - 07/03/2011, 04:45 WIB

JAKARTA, KOMPAS.com - State-owned construction company PT Wijaya Karya Tbk (WIKA) said it had postponed and received payment of Rp7 billion for the construction of a shopping center in Libya, its corporate secretary said.

"Because of the political condition in Libya, we have just got Rp7 billion from the total value of the project which Wika should have done amounting to Rp70 billion," said Secretary of the Company Natal Argawan Pardede, this week.

Natal said the company got 70 per cent of the total value for the project worth around Rp100 billion. He explained that the payment the firm had received was commensurate with the work that had been accomplished in Libya.

"The project is targeted for completion in June 2011. But until now we still postpone it until the turbulent conditions in that country have recovered," said Natal.

As a result of the political crisis in Libya, Wika had to repatriate about 200 employees from that country. To continue working on the project Wika still has to wait for the conditions in Libya to return to normal.

Even so, Natal ensures the delay in the project would not disrupt the company’s financial condition, because Wika has received an advance payment. Wika is also  targeting a number of tower building construction projects in the country which is currently led by Moamar Qadafi.

In 2011 the total contract value Wika is targeting is worth Rp25.68 trillion, up 23 percent compared with that of the previous year. Of the contract, Wika estimates that it can gain a gross profit of Rp924.13 billion, surging 17.43 percent from the budget plan in 2010.

For this year’s net income, the company is targeting to reach Rp350.90 billion, up 38.37 percent from the 2010 estimate amounting to Rp253.59 billion. To finance its business expansion for 2011, Wika will seek a loan of Rp400 billion to finance the company’s capital expenditure.

Proceeds will be used for business expansion and development of subsidiaries. The Company will target a variety of infrastructure projects to meet its targets.

Simak breaking news dan berita pilihan kami langsung di ponselmu. Pilih saluran andalanmu akses berita Kompas.com WhatsApp Channel : https://www.whatsapp.com/channel/0029VaFPbedBPzjZrk13HO3D. Pastikan kamu sudah install aplikasi WhatsApp ya.

Video rekomendasi
Video lainnya


Video Pilihan Video Lainnya >

Baca berita tanpa iklan. Gabung Kompas.com+
Baca berita tanpa iklan. Gabung Kompas.com+
Baca berita tanpa iklan. Gabung Kompas.com+
komentar di artikel lainnya
Baca berita tanpa iklan. Gabung Kompas.com+
Close Ads
Bagikan artikel ini melalui
Oke
Login untuk memaksimalkan pengalaman mengakses Kompas.com