Danareksa's poor performance
State-owned investment bank PT Danareksa (Persero) reported net loss of Rp182 billion (US$18.5 million) for financial year 2005 against net profit of Rp32.5 billion the previous year.
According to its financial report published Saturday (April 29), Danareksa booked total revenue of Rp225 billion, dropped sharply from Rp416 billion in 2004.
Why? The company recorded net loss of Rp18 billion in securities trading against net profit of Rp107 billion in 2004. The company's revenue from services also reduced significantly. Not to mention the heavy drop in revenue from issuance fee from Rp53 billion to Rp3.6 billion.
One may argue that Danareksa has huge debts. But the company's interests payment actually decreased last year to Rp128 billion (against Rp143 billion).
Bad loans chanelled in the past also cost the company huge allowance of losses at Rp111 billion. But even without that, Danareksa would still in red.
So, it is a combination of poor loans management in the past and poor performance of its operation last year. Danareksa's president Lin Che Wei, a confidante of state-owned enterprise minister Sugiharto, might has better explanation on why public will not get the dividend from the company this year.
An analyst, and one of the panelists at the presidential candidate debate in 2004 election, Che Wei surely has to proof that he has the capability to turn the state-owned company around.
With total assets of almost US$200 million, people can't afford to live with the loss-making state-owned companies.
Minister Sugiharto moved his office to Danareksa building since late last year for undisclosed reasons. He occupy the office previously for Danareksa's CEO. As a result, Danareksa had refurbished and built new office for Che Wei. Just like when then SOE Minister Tanri Abeng (during BJ Habibie administration) moved to Indosat building.
So, the problem is right in front of Sugiharto's nose. Should be easier to fix. At least the CEO could have been easier to make appointments with the minister, right?
According to its financial report published Saturday (April 29), Danareksa booked total revenue of Rp225 billion, dropped sharply from Rp416 billion in 2004.
Why? The company recorded net loss of Rp18 billion in securities trading against net profit of Rp107 billion in 2004. The company's revenue from services also reduced significantly. Not to mention the heavy drop in revenue from issuance fee from Rp53 billion to Rp3.6 billion.
One may argue that Danareksa has huge debts. But the company's interests payment actually decreased last year to Rp128 billion (against Rp143 billion).
Bad loans chanelled in the past also cost the company huge allowance of losses at Rp111 billion. But even without that, Danareksa would still in red.
So, it is a combination of poor loans management in the past and poor performance of its operation last year. Danareksa's president Lin Che Wei, a confidante of state-owned enterprise minister Sugiharto, might has better explanation on why public will not get the dividend from the company this year.
An analyst, and one of the panelists at the presidential candidate debate in 2004 election, Che Wei surely has to proof that he has the capability to turn the state-owned company around.
With total assets of almost US$200 million, people can't afford to live with the loss-making state-owned companies.
Minister Sugiharto moved his office to Danareksa building since late last year for undisclosed reasons. He occupy the office previously for Danareksa's CEO. As a result, Danareksa had refurbished and built new office for Che Wei. Just like when then SOE Minister Tanri Abeng (during BJ Habibie administration) moved to Indosat building.
So, the problem is right in front of Sugiharto's nose. Should be easier to fix. At least the CEO could have been easier to make appointments with the minister, right?
Labels: Danareksa, HABIBIE Inc, Indosat, Sugiharto
READ MORE!!!
posted by yosef at 8:11 AM
0 Comments:
Post a Comment
<< Home