JAKARTA – PT Garuda Indonesia (Persero) Tbk (GIAA) returns two units of B 737-800 NG to one of the lessors as a strategy to reduce operational costs and debts amidst the pandemic. Garuda Indonesia currently leases 73 units of the same aircraft.
Irfan Setiaputra, the President Director of GIAA, states that the returning of leased aircraft before its due is an attempt to speed up the lease period and optimise productivity. “It is exerted following the performance being under pressure of the COVID-19 pandemic,” Setiaputra confirms in a press conference, Thursday (10/6).
According to Setiaputra, this advanced leased aircraft return is made possible by changing the registration of the said fleet. Currently, 50 aircraft are grounded while the other 39 are under maintenance.
Garuda is only operating 53 units of aeroplanes out of the total 142 existing units. Then, 136 of them are leased units, and the remaining six are private units. The operating fleets vary in types, including B 777-300, A 330-900, A 330-300, A 330-200, B 737-800, B 737-8 MAX, CRJ 100, and ATR 72-600.
This red-plate company is currently facing a demand for lease payment from the lessors amidst its revenue decline following the COVID-19 pandemic. Garuda’s policies to keep its solvency ratio high include negotiating with the lessor, restructuring debts towards state-owned business partners, and restructuring its bank loans. (LK/ZH)