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Garuda CEO: Economic recovery funds can help improve company performance

04 January 2021 07:30

JAKARTA. The management of PT Garuda Indonesia (Persero) Tbk (GIAA) believes that the economic recovery funds that will be used starting this year will help improve the company's fundamental performance.

According to Garuda CEO Irfan Setiaputra, the airline's performance will improve after it carries out efforts including aircraft lease renegotiation, financial efficiency, and network restructuring.

The airline, Mr Setiaputra added, will also continue reviewing its new routes and flight schedules, which is expected to raise its revenue by 50% of its 2019 revenue. "This is our promise to the Ministry of State-owned Enterprises," he said as quoted from Bisnis Indonesia on Sunday (3/1).

Garuda's 2019 financial report shows US$4.57 billion in revenue with US$6.98 million in net profit. The revenue increase was boosted by growth in scheduled flights and other income. (AM/MS)

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