Apr 6, 2012

Danareksa in Rp287 bio loss & Garuda IPO

The state-controlled PT Danareksa (Persero), a parent of PT Danareksa Sekuritas, suffered a Rp295.31 billion operating loss last year, a reversal from Rp84.67 billion operating profit a year earlier.
In the financial statement published recently by Danareksa (Persero), that is led by Edgar Ekaputra, suffered a Rp287.37 billion net loss last year from Rp58.88 billion net profit.
The operating loss was mainly driven by loss on trading of marketable securities and changes in fair value of Rp281.18 billion. In 2010, the company booked gain of Rp144.18 billion.
What kind of marketable securities?
Danareksa reported that the company posted unrealized loss from the decrease in fair value of PT Garuda Indonesia Tbk (GIAA) shares worth Rp274.62 billion.
Based on the underwriting agreement of Garuda IPO, Danareksa Sekuritas bought 998,61 million shares of Garuda.
On August 2011 and December 2011, Danareksa Sekuritas sold Garuda shares to Danareksa (Persero) worth Rp374.48 billion and Rp374.48 billion respectively.

Disclosure: No position at the stock mentioned above. 

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