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Jakarta, CNBC Indonesia – Dahlan Iskan, a former minister at BUMN, believes that economists’ prediction of the resilience of BUMN Infrastructure is only a matter of time. BUMN Karya’s position is described as difficult or very difficult.
In fact, the construction sector has become one of the sectors most affected by the Covid-19 pandemic. Construction projects were forced to stall when Indonesia first received uninvited guests from Wuhan, China.
The stagnation of this project has undoubtedly caused the capital-intensive construction sector to suffer severe losses due to poor cash flow. Meanwhile, the enormous financial burden due to the debts of large companies must be paid.
This, of course, is reflected in the financial statements of the Karya State Enterprises (BUMN) in 2020, whose performance is very unsatisfactory. Several BUMN Karya have had to cut their net profit by as much as 90%.
This is the concern of former BUMN Minister Dahlan Iskan, who published the article Haus Kerongkongan. Dahlan highlighted a series of BUMN Karya that produced an unsatisfactory performance amid relentless infrastructure projects.
 Photo: President Joko Widodo inaugurates the Pandaan-Malang toll road (Doc. Jasa Marga) |
Of all BUMN Karya, there is one company whose losses are very serious compared to its sisters. PT Waskita Karya Tbk (WSKT) was forced to post a net loss of Rs 7.38 trillion in 2020.
This huge net loss wiped out all of Waskita’s retained earnings that have accrued since the company was first established in 1973, so WSKT’s capital currently only remains at Rp 7.53 billion, more than half, to be exact, 57.88% of last year’s Rp position. .17.88 billion.
Even WSKT was forced to post a gross loss of Rs 1.97 trillion. The gross loss itself is a very negative thing because business income, also known as turnover, cannot even cover the cost of the income.
A business that experiences a gross loss is likely to increase the net loss because even before paying selling expenses, general and administrative expenses, and taxes, the business has lost because it cannot cover the cost of goods.
As a result, the loss of WSKT caused the company’s cash and cash equivalents to disappear. It was recorded that at the end of 2019 the company had cash and cash equivalents of IDR 9.2 trillion, while at the end of 2020 the company’s cash and cash equivalents were only IDR 1.2 trillion or a decrease of 87%.
Of course, this is very dangerous for a capital intensive company like WSKT. Because if cash is running low amid the company’s rising Rp. 89 trillion debt, the risk of default will, of course, increase, especially amid economic uncertainty due to the Covid-19 pandemic, which does not it is clear when it will end.
Of the WSKT debt of 89 trillion rupees recorded, most of it, namely 48 trillion rupees, is short-term, so the company’s ratio of cash to its short-term debt or commonly known as the ratio of cash is 2.5%.
This figure, of course, shows the very small cash position of the company and the potential for default, which is quite high and of course there will be opportunities for the company to go bankrupt.
In fact, not only did WSKT suffer losses, but its subsidiaries were also observed to have recorded a severe net loss which, of course, was burdensome for the parent entity. Just keep in mind that PT Waskita Beton Precast Tbk (WSBP) posted a net loss of Rs 4.75 trillion and PT Waskita Toll Road which lost Rs 965 billion.
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