Perhutani, a state-owned forestry company, booked revenues of Rp1.8 trillion in the first half (H1) of 2018, grew 26% from H1 last year. It has restructured its business since fourth quarter (Q4) of 2016 and transformed its business since 2017. Perhutani booked net profit of Rp469 billion in H1, grew 63% year on year (y/y), surpassing last year’s profit (Rp406 billion). In 2016, Perhutani suffered loss of Rp357 billion. The Company allocates capital expenditure (capex) of Rp800 billion for this year.