Brantas Apibraya downplays possibility of reaching contract target

12 November 2019 16:13

JAKARTA. PT Brantas Apibraya (Persero) has downplayed the possibility of the company reaching its new contract target due to project owners who tend to wait and see and delay construction projects.

Brantas Apibraya CEO Bambang E. Marsono said project owners chose to wait and see or wait for the election results, which caused many construction projects to be delayed and affected the company's new contracts.

According to Mr Marsono, it is unlikely that the company will achieve its Rp 10 trillion new contract target; it instead projects to only achieve Rp 8 trillion. Combined with carryover contracts, the total amount of contracts handled by the company will reach Rp 20 trillion.

Despite the slowdown, Mr Marsono is still optimistic that the company's performance will grow better next year due to project owners' faith in President Joko Widodo's second administration.

"This political year has been quite difficult because most investors chose to wait before making a decision," said Mr Marsono as quoted by Bisnis.com, Tuesday (12/11). (AM/MS)

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