State-owned airline Garuda Indonesia has received state funding amounting to 480 million USD to help the company accelerate its recovery programme as the aviation industry begins to gain some ground.
Garuda CEO Irfan Setiaputra said the fresh funding comes at a time when the national economic recovery, especially the tourism sector, is gaining momentum.
The financial injection will be used to restore fleets, finance aircraft maintenance, purchase components, and support the company’s cash flow, Irfan added, believing that funding will further strengthen Garuda’s efforts to accelerate the restructuring programme which will conclude by the end of this year.
Earlier, the management of Garuda announced its ambition to transform the company into a profitable and full-service airline as the number of air passengers is heading to the pre-pandemic levels.
During the third quarter of this year, Garuda Group transported 10.5 million passengers, an increase of 61% quarter-on-quarter. Over the same period, total revenue also jumped to 1.5 billion USD from 939 million USD, according to data from the State-Owned Enterprise Ministry.
Agency: The Congress Office
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