JAKARTA. Moody's Investors Service research results revealed that all of the SOEs in the Asia Pacific region, except Chinese ones, have an alarming debt risk. In Indonesia, there are six SOEs that fall into this category. One of them is PT Waskita Karya Tbk (WSKT).
To maintain a healthy financial condition, WSKT management revealed that it would implement a number of strategies. One of them is to speed up the disbursement of its receivables, including from turnkey projects and the sale of toll road concessions. For information, Moody's noted that WSKT's debt to equity ratio reached 359.1%.
"For the working capital and also to reduce debt, we will try (to get funds) from cash inflow of receivables," said Finance Director of WSKT, Haris, as quoted by Kontan.co.id, Thursday (9/19).
WSKT's current gearing ratio is 2.7 times. With this strategy, Haris targets the gearing ratio until the end of this year to fall to 2.3 times.
In the fourth quarter of 2019, WSKT aims to receive turnkey project disbursements of Rp 21.5 trillion. This year, Waskita actually aimed to obtain turnkey disbursement revenue of Rp. 26 trillion. As much as Rp. 4.5 trillion has been realized by Waskita, including from the Cileunyi-Sumedang-Dawuan Toll Road and Bakauheni-Terbanggi Besar Toll Road. (AM/AR)