Jakarta: The Director General of State Assets of the Ministry of Finance, Rionald Silaban, estimates that PT Garuda Indonesia Tbk will record profits starting 2022.
"If we look at the financial performance in 2022, it is hoped that Garuda will still be able to record profits as part of its financial restructuring. But in the future we can see that Garuda's operating profit will improve," Rio said in a working meeting with Commission XI of the Indonesian House of Representatives, reported by Antara, Thursday, 22 September 2022.
As of June 2022, Garuda's operating income is already greater than operating expenses when compared to 2021 and 2020, while the difference in assets and liabilities has also improved.
"As of June 2022, there is growth in both the number of passengers and available seats per kilometer. We see the trend in Indonesia's market share in the form of the number of Garuda passengers will also grow," he said.
At the same time, Garuda Indonesia took initiatives to improve financial performance, including flying to operationally profitable routes, synergizing with Citilink regarding the routes to be offered in the future, and negotiating a reduction in aircraft rental rates.
The government also plans to provide State Capital Participation (PMN) to Garuda Indonesia worth Rp7.5 trillion, consisting of Rp4.5 trillion for maintenance and restoration and Rp3 trillion for working capital.
Meanwhile, during COVID-19, Garuda Indonesia experienced a decrease in the number of passengers and available seats by up to 52 percent in 2020 and a decrease in cargo loading by up to 30 percent.
"Rescuing national flights is an urgency for the provision of PMN to Garuda Indonesia, which will be carried out after the homologation of Garuda's PKPU assistance plan. We see that the company's plan plays an important role in maintaining inter-island accessibility in Indonesia," he explained.
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