Agustinus Tetiro – State-owned construction companies Waskita Karya and Pembangunan Perumahan have set their eyes on the developing economy of East Timor.

Waskita Karya has won a tender worth Rp 700 billion ($59.9 million) to construct an airport for Indonesia's eastern neighbor. The company will build the aircraft runway and a terminal. That will be fully financed by the government there.

"The winner of the tender has been announced and the signing of the contract will take place at the end of this month," said M. Choliq, president director of Waskita, said in Jakarta on Thursday.

So far this year, Waskita has bagged new contracts worth Rp 11 trillion, equivalent to 69 percent of its 2013 new contract target.

Pembangunan, better known as PP, obtained a construction project from the Artha Graha Group to build AGP Square, a building in Dili, East Timor's capital. The project is valued at Rp 1 trillion and is set be the tallest structure in Dili.

AGP Square, which will be built on 15,000 square meters of land, is intended to be a symbol of a developing capital, as well as providing facilities including malls, office buildings, apartments and hotels. The project is expected to take two years.

PP has acquired new contracts amounting to Rp 13.93 trillion as of October 2013. The amount is approximately 70 percent of this year's contract target.

PP's net income rose 107 percent to Rp 218.3 billion in the first nine months this year from Rp 105.62 billion in the same period last year, while its revenue increased 84.03 percent to Rp 7.25 trillion from Rp 3.94 trillion.

PP's target for total new project value for next year is Rp 25 trillion, a 20 percent increase from 2013's target, in order to achieve a 25 percent rise in net income.

Shares in Waskita closed unchanged at Rp 455 apiece while shares of PP fell slightly by 0.8 percent to Rp 1,180 on the Indonesia Stock Exchange (IDX) on Friday, compared with a 0.2 percent fall in the main stock gauge.