Waskita Karya (WSKT), EPC contractor and toll road developer, booked net profit of Rp3.94 trillion in the first half (H1) of 2018, skyrocketed 176% from H1 of last year, thanks to 47.3% growth in revenues (Rp22.9 trillion). Operating profit also jumped 79.6% to Rp4.14 trillion.

But the Company reported a weaker performance in the second quarter (Q2), compared to previous quarter. Revenues declined 15.3% to Rp10.5 trillion quarter on quarter (q/q) and operating profit dropped 41.6% to Rp1.5 trillion.

With earning per share of Rp222, WSKT is now traded with PE multiple 4.6 only. It is valued 1.1 x equity as of June 30, 2018, pretty modest for a company with return on equity (ROE) of 22.8%. While WSKT’s liability rose 21.6% to Rp91.36 trillion from Rp75.14 trillion by end of 2017. Its equity grew 15.3% to Rp26.23 trillion.