[Kabar-indonesia] Adhi Karya eyes 65 pct profit rise in '07

[Joyo at aol.com]

Indonesia's Adhi Karya eyes 65 pct profit rise in '07

JAKARTA, November 9 (Reuters) - Indonesian construction
company PT Adhi Karya Tbk expects to post a 65-percent
increase in its net profit next year as the company will
sign more projects, its top executive said.

Saiful Iman, the president director of the state-owned
company, said late on Wednesday Adhi Karya's net profit is
likely to reach 150 billion rupiah ($16.48 million) next
year compared with an expected 91 billion this year.

"Net profit is targeted to rise to 150 billion rupiah from
91 billion rupiah this year as we have more (projects),"
Iman told reporters.

Revenue is expected to jump to 6.04 trillion rupiah in 2007
from 4.15 trillion rupiah this year, as it will construct
the $224 million monorail project in Jakarta and a $215
million power plant project for Indonesia's state
electricity firm.

Analysts polled by Reuters Estimates predicted Adhi Karya
will post a net profit of nearly 78 billion rupiah this year
and 117.2 billion rupiah in 2007.

The funding for the power plant project will come from its
owner, PT Indonesia Power, while for the monorail, it will
come from a consortium led by the Dubai Islamic Bank.

He said the total cost of the monorail project is $650
million, $224 million of which is for the construction of
the rail by Adhi Karya and the rest will be used to acquire
carriages.

"We expect to get the funds by December and in October next
year the project could come into operation," Iman said.

The monorail project is an effort of the Jakarta government
to provide the capital city with better public
transportation as it tries to combat the chronic traffic
jams in the city with more than 10 million people.

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Joyo Indonesia News Service
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