JAKARTA. Entering 2023, PT Garuda Indonesia (Persero) Tbk (GIAA) has designed several business transformation initiatives to sustain its performance post its thorough restructuring process in 2022.
"We will patiently go through the restructuring process and try to redirect our business focus to seek profit," Irfan Setiaputra President Director of GIAA, mentioned during the Annual Public Expose of GIAA earlier this week (27/12).
In 2022, GIAA has managed to cut off the aircraft lease rate and set more reasonable power-by-hour (PBH) rate through the negotiation with lessors, as well as optimising aircraft numbers and types. Aside from these three initiatives that have been underway, Garuda Indonesia will also focus on handling profitable routes and enhancing its synergy with Citilink. Furthermore, it will also optimise income from cargo and ancillary segments.
On the other hand, regarding its trading activities suspension in Indonesia Stock Exchange (IDX), Setiaputra expects the regulators to lift the suspension soon after his company issues new sukuk in place of the restructured sukuk of USD 500 million. "This new sukuk is estimated to be valued at approximately USD 70 million," he said. According to him, the preparation of sukuk issuance will be completed by the end of this year. (ZH)