Garuda Indonesia airplane approaching the airport. Photo: AFP
Garuda Indonesia airplane approaching the airport. Photo: AFP

Garuda Indonesia Calls Profit of IDR 3.8 Billion

Antara • 26 September 2022 17:18
Jakarta: President Director of PT Garuda Indonesia Tbk (GIAA) Irfan Setiaputra said Garuda Indonesia made a profit of Rp3.8 billion in the first semester of 2022 as a result of the peace agreement in the Suspension of Debt Payment Obligations (PKPU).
"So Rp3.8 billion was obtained from PKPU, namely the cancellation of a debt, the debt decreased from Rp10 billion to Rp5 billion to be one of the reasons, as well as equity performance will improve," he said, quoted from Antara, Monday, September 26, 2022.
He said PKPU homologation would also reduce the number of wide body and narrow body aircraft operated by Garuda from 136 to 81 and Citilink aircraft from 60 to 58.

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"So during the PKPU, apart from cutting our past debts and unpaid debts, we also negotiate future costs to ensure the company has the ability to generate profits," he said.
Garuda Indonesia will also not serve passengers on unprofitable flight routes. In 2019, Garuda Indonesia serves 172 flight routes which will be reduced to around 70 routes which will be monitored one by one.
"We apologize that in the end, maybe Garuda will not serve the route that is a constituent, but we are trying to serve Citilink, whose route decline is not significant from 116 to 99 and handles several routes that were previously handled by Garuda, such as Gunung Sitoli," he said.
Previously, the government proposed to the Indonesian House of Representatives to approve the provision of State Equity Participation (PMN) worth Rp7.5 trillion for Garuda Indonesia.


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