Shares of oil and gas company PT Perusahaan Gas Negara (PGAS) Tbk eroded 4.15% to Rp2540 Friday (March 17) with over 122 million shares exchanged hands as investors were disappointed with poor results in the fourth quarter of 2016, which forced PGAS to report 24% fall in net profit for the whole year.
Read MoreThe Salim Group’s PT Mekar Perkasa attempted to sue Sugar Group’s PT Sweet Indolampung, but their attempt fell apart. Nevertheless, PT Mekar Perkasa refuses to accept defeat. On March 9, 2017, the Company filed two different lawsuits, this time on allegations of tort and unlawful act against dozens of parties, including the subsidiaries of Sugar Group and Gunawan Jusuf himself. The lawsuits were registered at the Central Jakarta District Court.
Read MoreShares of Tunas Baru Lampung (TBLA), producer of palm oil & derivatives and sugar, opened higher to respond strong performance of the company last year. Second largest cement producer Indocement (INTP), meanwhile, lost almost 2% in the morning session as some investors responded negatively deeper corrections in the fourth quarter of 2016. Newly listed healthcare services provider PT Prodia Widyahusada (PRDA) Tbk gained 2% in the morning session as the Company reported strong performance in 2016.
Read MoreThe recent development on the the electronic identity card (E-KTP) graft case is no doubt a political tsunami for the Golkar Party, especially, for its chairman Setya Novanto, whose name is mentioned in the Corruption Eradication Commission (KPK)’s indictment against the the two defendants (Irman and Sugiharto) of the case. The KPK’s investigation has revealed more information on the suspected involvement of Novanto, who is also the speaker of the House of Representatives (DPR).
Read MoreThe trial of the two suspects in the electronic identity cards (E-KTP) procurement graft case continues. In the hearing held on March 16, 2017, the prosecutors of the Corruption Eradication Commission (KPK) summoned Diah Anggraini, the former secretary general of the Ministry of Home Affairs as a witness. Diah admitted to receiving US$500,000 and to attending several meetings concerning the project. Gamawan Fauzi also attended the hearing.
Read MoreAs predicted, Susilo Bambang Yudhoyono (SBY)’s Democratic Party will maintain neutrality in the Jakarta’s gubernatorial race, where the incumbent Basuki “Ahok” Tjahaja Purnama and his running mate Djarot Saiful Hidayat (Ahok-Djarot) is running head-to-head against Anies Baswedan and his running mate Sandiaga Uno (Anies-Sandi). It was Roy Suryo, one of the deputy chairmen of the Democratic Party, who broke the news.
Read MoreElia Massa Manik has been confirmed new chief executive officer of state oil and gas company Pertamina yesterday. He will manage a company with liabilities of US$25 billion and total assets of US$47.23 billion, which is almost one-third the size of Petronas (US$136 billion). Last year, Pertamina booked net profit of US$3.15 billion, jumped by 121.6% from 2015 even though sales revenues fell 12.6%.
Read MoreIntraco Penta (INTA) suffered loss of Rp245.7 billion in 2016, narrowed from Rp315.46 billion in 2015. Revenue increased 13.8% to Rp1.5 trillion from Rp1.32 trillion previously, but cost of revenues also rose 26.8% to Rp1.29 trillion from Rp1.02 trillion. INTA’s heavy equipment sales jumped 92% to Rp782 billion from previous Rp406 billion but sales of spare parts declined 18% to Rp288 billion from earlier Rp352 billion. Revenues from maintainance services also fell to Rp155 billion from Rp202 billion while rental service contributed revenue of Rp115.8 billion, compared to Rp49 billion only in 2015. Finance lease income also declined to Rp101 billion from Rp249 billion in 2015.
Read MoreYesterday (March 17), the Central Bank (Bank Indonesia/BI) decided to maintain its benchmark rate (BI 7 Days Reverse Repo Rate) at 4.75% level. This calmed the market that previously reacted to the Fed rate hike, which is now expected to happen gradually for at least three times this year.
Read MoreKS Energy Limited, a company controlled by Indonesian businessman Kris Wiluan listed on Singapore Exchange (SGX), once had market value of S$1.9 billion. That was ten years ago. Yesterday, the stock declined 1.28% to S$0.08 to make a market value of S$42 million only, less than half of its equity.
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