JAKARTA. PT Wijaya Karya Bangun Gedung Tbk (WEGE), a subsidiary of PT Wijaya Karya (Persero) Tbk (WIKA), generated net profit of Rp121 billion in the third quarter (Q3) of 2019, growing by 12% year on year (YoY).
This performance made WEGE's consolidated net profit from January-September (9M) 2019 rise by 4.8% YoY, to Rp303 billion. But from the side of top line, the company's revenue in 9M fell by 12.9% YoY to Rp3.87 trillion.
"WEGE's top-line condition matches our prediction," said Edbert Surya and Adrian Joezer, Mandiri Securities analysts, through official statements. "Because the company is currently focusing on projects undertaken by joint venture companies," he added.
Those projects indeed made the company's net profit in joint venture grow by 348% YoY to Rp 61.5 billion. However, this has an impact on the company's Operating Profit Margin (OPM), which rose by 150 basis points to 9.6%. The company's cash flow is also still minus Rp 1.3 trillion. (KR/AR)