INSIDER HEADLINE: PTPP Secures IDR2.3 Tln New Contracts Jan-Feb –Jakarta Post
March 13 (The Insider Stories) — State construction company PT PP Tbk (PTPP) secured new contracts worth 2.36 trillion rupiah between the start of the year and the end of February, 12% of its full-year target for new contracts, Investor Daily reported Wednesday.
PT PP corporate secretary Betty Ariana told Investor Daily the new contracts include building high-rise developments such as JW Marriot Hotel, Hotel Uluwatu, and Tunjungan Plaza V in Surabaya city in East Java province.
It also includes construction work to expand the Air Asia Indonesia-operated Terminal 3 at Soekarno Hatta airport and a rail project it will construct in South Sumatra for state railway operator PT Kereta Api Indonesia for IDR210 billion, Ariana was quoted as saying.
PTPP is targeting a 20% rise in net profit this year to IDR370 billion. The planned growth in earnings will be driven by expansion of its four core businesses: construction; engineering, procurement and construction; property; and investment in related businesses.
PTPP is also planning a multi-year bond issue to raise a total of IDR1 trillion. It offered the first tranche Feb. 13-27, seeking to raise IDR700 billion. It expects to list the bonds at the Indonesia Stock Exchange March 20.
