State-owned construction firm PT Waskita Karya (Persero) Tbk has secured new contracts worth Rp15 trillion as of October, 2020, which is Rp11 trillion lower than the target of Rp26 trillion set for this year.
“The new contracts have come from business development projects, government, state-owned companies, and private companies. As such, the total contracts managed by the company until the end of 2020 have reached Rp65 trillion,” Waskita Karya president director Destiawan Soewardjono said in a statement released on Monday.
Waskita is seeking to secure new projects to keep the balance between business development investment and external projects in the future, he added.
Related news: Waskita Karya acquires new contracts worth Rp3.2 trillion in Sept-2020
The step has been taken to strengthen cash flow so that it can contribute 50 percent to the total new contracts every year, he revealed.
"Direct projects from the external sector are badly needed to finance fixed costs of the company every year," he explained.
Waskita Karya is also preparing a strategy for restructuring its debt. The strategy involves settling the cash flow problem due to the postponement of the company's divestment plan as a result of the COVID-19 pandemic and the prioritized government budget allocations for handling the pandemic. (INE)
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Editor : Mahdani
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