Jan 13, 2011

Garuda suffers Rp289.89 operating loss

Indonesia's flag carrier PT Garuda Indonesia (Persero) Tbk was still in operating loss of Rp289.89 billion in the first 9 months of 2010.
During 9 months of 2009, Garuda Indonesia posted a Rp623.51 billion operating profit.
However, the airlines could post Rp194.87 billion net income in 9M 2010 as it booked an extraordinary income of Rp184.07 billion. In 9M 2009, the company could post Rp570.16 billion net income.
In an initial public offering (IPO) prospectus published today, Garuda reported a Rp12.68 trillion revenue, a slight increase from 9 months 2009 of Rp11.85 trillion.
For the full year of 2009, Garuda posted Rp17.86 trillion, Rp918.29 billion operating income, and Rp1.02 trillion, the  highest during the last 5 years.
During the IPO, Garuda aims to raise Rp7.02 trillion-Rp10.29 trillion proceed by selling 9.36 billion shares, consisting of 7.43 billion shares of new B series and 1.93 billion shares of old B shares owned by PT Bank Mandiri Tbk (BMRI).
The airlines yesterday announced that the IPO will be offered at the range of Rp750-Rp1,100 per share. PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas are the lead underwriter of the IPO, helped by two international arrangers Citi and UBS Securities.
According to the prospectus, about 80% of the IPO proceed of new shares issuance will be used by Garuda to develop new fleets such as 10 units of B737-800 NG, 10 units of B777, six units of A330-200, five units of narrow body for Citilink, and five units of Sub-100 types. Garuda will utilize 20% of the proceed to support working capital.

Disclosure: No position at the stock mentioned above.  

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