Despite Not Positive Financial Performance, Acset Construction Company From Astra Group Successfully Reduced Losses To Rp114.5 Billion And Won New Contracts Of Rp516.4 Billion

Indonesian Asset Management. (Photo: Doc. Acset)

JAKARTA - PT Acset Indonusa Tbk (ACST) continues to try to reduce its losses this year. One of the efforts is to get several new project contracts.

Acset Corporate Secretary & Investor Relations, Maria Cesilia Hapsari, said that the pandemic which contributed to the delay in the completion of ongoing projects, and the delay in the tender that was followed were still factors that affected the company's performance in the second quarter of 2022. However, she said, Acset remains focused on internal improvement efforts aimed at strengthening the Company's fundamentals so that it is ready to move forward as the recovery that will occur in the construction industry begins to be felt.

"In this period, Acset recorded the acquisition of new contracts of IDR 516.4 billion, an increase of 169.8 percent from IDR 191.4 billion in the same period last year", Maria said in a statement, Thursday, July 28.

The acquisition of a new contract for the construction company of the Astra Group consists of foundation and infrastructure projects. In the foundation sector, several new contracts were won including the Jatibening City LRT and Batang Soil improvement.

The entire foundation project was carried out by Acset's subsidiary, PT Acset Pondasi Indonusa. Meanwhile, in the infrastructure sector, Acset received a new contract for the addition of the Tangerang – Merak toll road. Based on the contribution per business line in revenue generation this period was dominated by the construction sector by 41 percent, followed by the infrastructure sector by 36 percent, and the foundation by 23 percent.

Despite achieving growth in new contracts, the company actually experienced a decrease in revenue to IDR 508.7 billion or a decrease of 21.01 percent from IDR 644.1 billion in the same period last year. Fortunately, the company also recorded a decrease in financial costs to IDR 7.9 billion, or a decrease of 80.90 percent from IDR 41.5 billion in the second quarter of the same period in 2021.

As a result, "In this period, Acset's net loss decreased by 25.3 percent from IDR 153.2 billion to IDR 114.5 billion", said Maria.

On that note, Maria believes, the efforts made internally by the company are still on the right track. The assessment of business processes continues to be carried out intensively to produce more efficient costs and satisfaction for the company's customers.

"This is also supported by digitalization initiatives that are expected to create a more reliable system infrastructure for the Company's operational activities. Astra Group's support for the Company through empowering existing business chains, helps the Company in facing today's challenging conditions", said Mary added.