Five years ago, SkyBee (SKY) offered 235 million shares in an initial public offering (IPO) at Rp375 per share. In the year of 2010, SkyBee generated net profit of Rp19 billion from sales revenue of Rp553.23 billion. In the following year, it booked net profit of Rp22.5 billion, while sales revenues almost tripled to Rp1.4 trillion. In nine months of 2015, however, the company recorded sales revenue of Rp57.34 billion only, one-tenth of its IPO year. What’s going on?To subscribe please click here