HomeNewsVideos

Acset Indonusa bags Rp 4 trillion loan from United Tractors

30 September 2019 07:22

JAKARTA - PT Acset Indonusa Tbk (ACST) has increased the amount of a loan facility transaction from PT United Tractors Tbk (UNTR) or UT from Rp 1.6 trillion to Rp 4 trillion. The change was made official at an EGM on Friday (27/9).

“The change is due to Acset’s need of increased working capital to finance construction and infrastructure projects, especially those using the contractor pre-financing (CPF) scheme,” wrote the company in an official statement received by IDNFinancials.com on Friday.

Throughout the first half of 2019, ACST posted a revenue drop of 7% year on year (yoy) to Rp 1.55 trillion. The company’s revenue during the period was dominated by the infrastructure sector at 71%, followed by construction at 13%, cornerstones 8%, and others 8%. In the same period the company also recorded a Rp 404 billion net loss, mainly caused by delays in several CPF projects.

As of September this year, ACST has pocketed new contracts worth Rp 1.67 trillion. The new contracts are dominated by two strategic power plant projects, namely the civil works of the Jawa 1 Gas and Steam Power Plant and the Soma Karimun Steam Power Plant in Riau. (MS)

© 2024 - IDN Financials - All Rights Reserved.