Coal mining contractor PT Darma Henwa (DEWA) Tbk booked net loss of US$52 million last year, expanded by 26.8% from US$41 million in 2012. Accordingly, the company’s equity declined 19% to US$222 million, while total assets dropped 16.6% to US$366 million. Why the company consistently posted operating loss in the past few years? Why the company decided to divest most of its subsidiaries?

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