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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Indonesia flag carrier Garuda dives 17.3% on debut AFP - Saturday, February 12 Send IM Story Print JAKARTA (AFP) - – Shares in flag carrier Garuda Indonesia plunged 17.3 percent at their debut on the Jakarta bourse Friday despite boasts by management that they have transformed the company's fortunes. The carrier's shares had fallen to 620 rupiah (seven cents) at the close of trade from the initial public offering (IPO) price of 750 rupiah, after hitting a low of 590 rupiah in the morning. State enterprises ministry official Pandu Djajanto told reporters that underwriters and selling agents had to absorb 3.01 billion, or 48 percent, of Garuda's 6.33 billion shares, reflecting the weak interest in the offering. The airline posted a net profit of more than $100 million in 2009 and was named the world's most improved carrier last year by London-based research company Skytrax. However analysts said the offer price was too expensive. "The market is also volatile, taking into account (Indonesia's) rising inflation rate among other things," Valbury Securities analyst Robin Setiawan. "For a long-term investment, or at least medium-term, the prospect for Garuda is still solid." Bank Negara Indonesia economist Rosady Montol said the airline's timing had been wrong. "There is actually nothing wrong with Garuda.... They entered the market while there is global concern about inflation, rising food prices and also the outlook of rising oil prices," he said. The company said the $540 million raised from the IPO would help the airline expand and modernise its fleet. Garuda's chief executive Emirsyah Satar said the plunge in the share price was due to "unavoidable market dynamics," adding that he expected the price to rebound in the near future. He described the listing as a historic event and a big challenge for the company. "By becoming a public company, this prompts us to become more transparent and hard-working in order to achieve better performance," Satar said in a statement. The carrier aimed to fly close to 28 million passengers by 2014 under its "Quantum Leap" plan, compared with 10 million in 2008. Since his appointment in 2005, Satar has piloted the airline's astonishing turnaround with a massive exercise to nurse the flag carrier back to health. The European Union banned all Indonesian airlines from its airspace in 2007 after a series of crashes and incidents exposed poor safety standards across the country's aviation industry, including Garuda. Its last fatal crash was in Yogyakarta in March 2007, when 21 people were killed. But European regulators lifted the ban for Garuda in 2009 and the airline completed its first flight back to the continent in June, landing in Amsterdam. The company, which received four stars from Skytrax in 2010, aims to obtain five stars in 2013, meaning the airline will achieve the best quality in product and service. -- Dow Jones Newswires contributed to this story -- Recommend Send IM Story Print Related Articles Euro pares losses vs dlr, above 100-day moving avg Reuters - 53 minutes ago US-BUSINESS Summary Reuters - 55 minutes ago Kinder Morgan shares trade 5.5 percent above IPO price Reuters - 55 minutes ago Wall Street slips on unrest in Egypt Reuters - 56 minutes ago Grifols, FTC reach new deal on Talecris Reuters - 57 minutes ago News Search Top Stories US unveils housing market overhaul Egypt Live Report US trade gap widens as China deficit hits record De Beers returns to profit in boom year for diamonds S. African wins World Press Photo award More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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