Toll road developer expects Rp 110b profit

Toll road developer expects Rp 110b profit

JAKARTA (JP): Publicly-listed toll road company PT Citra Marga Nusaphala Persada expects its after-tax profit to rise by 20 percent next year, to Rp 110 billion (US$47.7 million), a company director said yesterday.

The company's director of finance, Tito Sulistio, said that in 1996 the company will operate a new section on the Cawang-Tanjung Priok toll road: the 13.13-kilometer Harbor Road, which extends from Tanjung Priok in North Jakarta to Jembatan Tiga/Pluit in West Jakarta.

Tito said that as of Dec. 15, the construction of the project had been 78.25 percent completed and would be fully completed by June.

Tito said the operation of the Harbor Road, which is expected to have a daily traffic volume of 15,000 vehicles, will increase the traffic volume of the Cawang-Tanjung Priok toll road, which is currently about 260,000 vehicles per day.

Because traffic volume is expected to grow by 16 percent annually, the number of vehicles using the road is likely reach 305,000 per day in 1996, he said.

Tito added that, for the first nine months of this year, the company booked a 67-percent increase in its net profit to Rp 66.7 billion, as compared with Rp 39.8 billion in the same period of last year.

For the whole year, the company projected a net profit of Rp 91 billion, up from Rp 31 billion in 1993 and Rp 58 billion in 1994, he said.

Meanwhile, another director of the company, Teddy Kharsadi, said that Citra Marga's management has proposed some expansion projects to start in 1997.

Teddy said the company will construct a 31.5-kilometer toll road in Surabaya, East Java, which will link the Tanjung Perak port with Simpang Susun Waru at a cost of some Rp 500 billion. The company also plans to commence work on a 114-kilometer toll road between Sadang to Palimanan in West Java, at a cost of approximately Rp 600 billion for each project, he added.(08)