JAKARTA - PT Acset Indonusa Tbk (ACST) closed 2019 by recording an increase in revenue of 5.96%, from Rp 3.72 trillion to Rp 3.95 trillion.
Based on business line contributions in revenue generation, the infrastructure sector contributed 66%, construction 21%, foundation 10% and other sectors 3%. At the end of 2019, ACSET recorded a net loss of Rp 1.14 trillion. This is a further impact of the late completion of the Contractor Pre-Financing (CPF) project and the structural project which also had an impact on the previous period. Furthermore, delays in project completion have led to increased funding costs, overhead costs, and other costs allocated to accelerate the completion of the project. In addition to this, ACSET also experienced an adjustment in the value of work so that current project revenue and profits were corrected.
Acquisition of new contracts in 2019 was amounted to Rp1.7 trillion. Some strategic projects that are believed to be able to bring added value to Acset include, Civil Works of Jawa 1 Gas & Steam Power Plant (PLTGU), Soma Karimun Steam Power Plant (2 x 25 MW) in Riau, and Arumaya Residence structural project Until now, ACSET is still working on a number of projects with a total contract valued at Rp 4.1 trillion, which consists of carry-over contracts in 2018 and new contracts in 2019.
ACSET in 2020 will still focus on strategic infrastructure projects, such as the construction of landed and elevated toll roads, power plants and ports. In addition, ACSET also continues to empower its competence in the field of foundation and structure by targeting projects that have the potential to provide further development space in terms of competence and contribution to the company's stakeholders. (LM)