Jasa Marga Focus Keep the EBITDA
Continue to extend the toll road construction project in 2018, Jasa Marga, Tbk (JSMR IJ) claims to be more focused pursuit of Earning before Interest, Taxes, Depreciation, and Amortization (EBITDA) rather than profit. However, the issuers that remain optimistic the target could still be achieved JSMR this year.
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This year, the company is pushing the development of the middle four toll roads on the trans. Based on the last information, the toll road development progress reached 60% or 107.22 kilometers, from the total length of roads be pursued i.e. 300 kilometers.
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As a side note, for those companies that are expanding, profit conditions will definitely depress, as financial companies weighed down interest payments on debt for expansion. So the performance will further be measured from side Earning before Interest, Taxes, Depreciation, and Amortization (EBITDA).
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After the expansion, expected growth in revenue and profit, Jasa Marga will be improved in two to three years ahead. On the other hand, the company is able to streamline capital expenditures (capex) or from the original IDR42.6Trn to IDR29Trn by the end of the year.
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With low capex this year, EBITDA come into decline. Post the company no longer had EBITDA of already consolidated subsidiary, but rather to the decrease in debt so much lighter, debt to equity ratio (DER) are also lighter. EBITDA is normal from the existing project is 5%, but with the new project could grow 15% EBITDA.
