Truba booked Rp180bn loss

Engineering firm PT Truba Alam Manunggal Engineering (TRUB) Tbk booked net loss of Rp180 billion last year against net profit of Rp212.7 billion in 2007 on huge forex translation losses. 

Truba finally released its 2008 financial year results with 95% surge in sales revenue to Rp2.95 trillion. With higher expenses, the company's operating profit slipped to Rp176 billion. But Truba booked Rp412.8 billion losses in foreign exchange translation. Combined with significantly higher interest expenses, the company then booked net loss of Rp180 billion last year.

Truba's stock price closed lower by 2.3% today to Rp170. The stock rocked bottom from Rp870 to Rp50 by mid of November 2008. For almost five months, the stock barely moved. But the stock surged significantly since mid of April 2009 to as high as Rp205 or 300% by mid of June. Who's cooking up the stock?

READ MORE!!!