Mar 31, 2011

Garuda FY10 earning plunges 48.45%

Indonesian flag carrier PT Garuda Indonesia Tbk booked the declining net income by 48.45% to Rp515.5 billion in the end of 2010 from Rp1 trillion in the end of 2009.
Financial t Director of Garuda Indonesia Elisa Lumbantoruan confirmed that the lower income last year was a half of 2009’s income level stimulated by several investments as procurement of 24 new aircrafts, namely 23 aircrafts of 737-800 Next Generation and 1 aircraft of Airbus A330-200, as well as addition and improvement of human resources capacity.
“We have explained that the year of 2010 is a great time for investment. Last year, we have ordered 24 new aircrafts and that’s first time during our history. Cocnequently, we have additional crews and improve their quality from classic to engine level,” he said today.
In addition, in last year, the airlines provided new additional routes, namely Jakarta-Tokyo, Jakarta-Sydney, Jakarta-Melbourne, Jakarta-Palu, Jakarta-Ambon, Jakarta-Ternate, and routes to Amsterdam and Europe.
Meanwhile, President Director of Garuda Indonesia Emirsyah Satar said the operating revenue stood up by 9.4% to Rp19.53 trillion in the end of 2010 compared to operating revenue in the end of 2009 by Rp17.86 trillion.
In the meantime, the amount of passenger rose to 13 million persons in 2010 from 10.3 million persons in 2009 with lower total passenger-load level by 1.5% to 71.7% from 73.1%.
The GIAA-coded shares was at Rp530 at 12.29 Jakarta time or a 3.64% lower compared to level in the yesterday’s trading with market capitalization by Rp12.23 trillion.

Disclosure: No position at the stock mentioned above.

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