JAKARTA - PT Acset Indonusa Tbk (ACST) recorded new contracts worth Rp 1.44 trillion in the first semester of 2019 (H1). The new contracts consist of projects such as the Java 1 Gas & Steam Power Plant and the Soma Karimun Steam Power Plant worth Rp 1.33 trillion.
Based on the company’s H1 financial statements, Acset’s revenue as of late June this year dropped 7% year on year (yoy) to Rp 1.55 trillion. “The drop was mostly caused by decreasing revenue from the infrastructure sector as most recurring projects neared completion,” wrote the company in an official statement received by IDNFinancials.com, Tuesday (30/7).
The infrastructure sector contributed the company’s H1 revenue at 71%, followed by construction at 13%, foundation 8%, and others 8%. In the period, Acset also posted a Rp 404 billion net loss caused by delays in several contractor pre-financing (CPF) and structural projects which resulted in higher funding, overhead, and other costs. (MS)