WIKA reported 1Q13 result where net earnings grew by 68% yoy, from Rp104.5bn to Rp175.5bn. The achievement represents 22.3% of consensus estimates.
Revenue grew by 50.3% yoy, from Rp1,748.6bn to Rp2,627.6bn. Compare to last quarter, revenue was down by 23.7% qoq. This quite normal as SOE contractors normally books higher portion of revenue in the last quarter of the year.
Interesting development was on margins side, where we can see quite significant improvement. The company indicated that it is becoming more selective on the project (higher margin projects) they take to improve margins.
The EGM also approved Rp137.4bn dividend (30% payout ratio), which will translate to Rp22.3/share. Dividend payment grew by 27% yoy.