Tower operator PT Solusi Tunas Pratama (SUPR) generated net profit of Rp269 billion in the first nine months of 2016, jumped by 91.7% from the corresponding period of 2015. Sales revenue, however, grew only 9.6% to Rp1.45 trillion, weaker than Sarana Menara Bersama (TOWR), which posted 14% growth due to effect from acquisition of XL Axiata towers.

Tower operator PT Centratama Telekomunikasi Indonesia (CENT) Tbk has kicked off the issuance of 20.79 billion new shares to riase up to Rp2.08 trillion. Clover Universal Enterprise Ltd, majority shareholder, is also stand-by buyer of the rights issue, whose proceeds will be used to acquire and finance PT Network Quality Indonesia.

Indosat, the second largest cellular player, booked net profit of Rp845 billion in Jan-Sep 2016, against Rp1.12 trillion of losses in the corresponding period last year. Compared to market leader PT Telkom Tbk, Indosat reported weaker performance, but clearly better than third largest player XL Axiata.

Jokowi-Kalla administration is determined to speed up development of infrastructure outside Java in an effort to reduce economic gap in the country. In Kalimantan Island, for example, state-owned airport management company PT Angkasa Pura II has accelerated construction of Supadio Airport expansion in Pontianak, West Kalimantan province. The management now expects completion of the Rp450 billion project in December, which will boost its handling capacity from 1.5 million to 3.8 million passengers per annum.

Delfi Limited, SGX-listed company famous with its SilverQueen and Ceres products in Indonesian market, booked earning before interest, depreciation, and tax of US$38.1 million in the first nine months of 2016, an increase of 19% from the corresponding period last year even though sales revenues slipped 3.1% to US$296.5 million.

Development of the Cimanggis-Cibitung toll road has been delayed for more than one decade now due to land acquisition issues. Even politically-wired group like Bakrie was unable to push things through. The biggest opposition came from residents of Raffles Hills, a residential area developed by PT Gunung Subur Sentosa (GSS). They fought all the way to the Supreme Court against the route set by the government, which passes through their area.

Looking at the progress of Medan-Binjai, Palembang-Indralaya, Bakeuheni-Terbanggi Besar, and Medan-Kualanamu-Tebing Tinggi toll road projects, the chance is big to see commercial operation of these toll roads with combined length of 243 KM in two years time. In Java, however, we anticipate delays in the greater Jakarta and Bandung areas.