JAKARTA, KOMPAS.com - PT Garuda Indonesia Tbk (GIAA) next year planned to buyback its shares. GIAA Financial Director Elisa Lumbantoruan said in Jakarta Monday the buyback is hopefully to raise the company’s share prices.
Elisa said with the company shares currently reaching an average of 400, made the management of GIAA to plan a share buyback. "The share purchases could be made after an IPO of 12 months and if the prices remained constant the company will conduct a buyback."
Elisa added that the buyback is possible as the company has adequate funds. The government- owned airline company has listed it shares at the stock exchange in February 2011 at an offered price of Rp750 per share.
Up to the third quarter this year, the emission at the Indonesian Stock Exchange (BEI) code named GIAA booked a net profit of Rp308.61 billion, a 57.81 pct increase compared to that in a year earlier of Rp195.55 billion.
The increased net profit was thanks to an increase in the company’s income by 42.8 pct to Rp18.11 trillion in the third quarter of this year, compared to those in last year’s same period Rp12.68 trillion.
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