Amidst Losses, Waskita Karya Undertakes Jakarta LRT Phase 1B Project

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Adi Ahdiat 06/11/2023 20:46 WIB

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Waskita Karya reported a loss attributable to its owners of Rp2.8 trillion in the January-September 2023 period. Despite this, they have begun work on the Jakarta LRT Phase 1B project.

Waskita Karya's Revenue and Profit/Loss Statement, January-September (2022-2023)

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Amidst Losses, Waskita Karya Undertakes Jakarta LRT Phase 1B Project

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Waskita Karya's Revenue and Profit/Loss Statement, January-September (2022-2023)

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PT Waskita Karya (Persero) Tbk reported a loss attributable to its owners of Rp2.8 trillion (approximately US$184 million) in the January-September 2023 period.

This result is a significant reversal from the same period last year, when the company, with stock code WSKT, recorded a profit attributable to owners of Rp425 million (approximately US$28,000).

Waskita Karya's loss coincided with a decline in revenue.

By the end of the third quarter of 2023, Waskita Karya recorded operating revenue of Rp7.8 trillion (approximately US$513 million), a decrease of approximately 24% compared to the end of the third quarter of the previous year.

As of the end of the third quarter of 2023, Waskita Karya had recorded total liabilities of Rp84.1 trillion (approximately US$5.5 billion). This debt represents 87% of its total assets, valued at Rp96.5 trillion (approximately US$6.3 billion).

Despite its losses and debt, Waskita Karya continues to undertake several government projects. The latest is the construction of the Jakarta Light Rail Transit (LRT) Phase 1B, covering the Velodrome Rawamangun-Manggarai Station route.

"With the extension of the LRT to Manggarai, the integration of the MRT, LRT, and commuter line will be available to the public. Once again, I urge the public to switch to mass transit to reduce congestion, pollution, and financial losses," said Transportation Minister Budi Karya Sumadi at the groundbreaking ceremony for the Jakarta LRT Phase 1B, via press release on Monday, October 30, 2023.

"To the Waskita Karya contractor, please do this well and maximize the Domestic Component Level (TKDN), and improve human resources (SDM) effectively," he continued.

According to an official statement from Waskita Karya, the value of the Jakarta LRT Phase 1B project, covering the Velodrome Rawamangun-Manggarai Station route, is Rp4.6 trillion (approximately US$302 million).

The LRT will cover a distance of 6.4 kilometers and pass through five stations: Pemuda Rawamangun Station, Pramuka BPKP Station, Pasar Pramuka Station, Matraman Station, and Manggarai Station.

This new LRT is targeted to carry approximately 180,000 passengers per day and contribute to reducing air pollution in Jakarta.

Waskita Karya's scope of work in the construction of the Jakarta LRT Phase 1B includes elevated structure work, stations, railway, signaling systems, and telecommunications.

"Hopefully, the construction of the Jakarta LRT Phase 1B will proceed smoothly and be completed on time, so that this integrated transportation system can be quickly used and benefit the people of Jakarta," said Waskita Karya's President Director, Mursyid, in his press release on Monday, October 30, 2023.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."