Indonesia air flag company PT Garuda Indonesia Tbk (GIAA) is scouting a conservative target for its revenue this year to Rp32.79 trillion, a 21% increase from last year figure of Rp27.1 trillion.
The growth target this year is below the revenue increase last year of 39%. "The decrease in revenue target does not mean bad. We can surpass the target if the economy is robust," said Garuda President Director Emirsyah Satar as quoted by Kontan today.
In 2011, Garuda transported 17.1 million passengers, a 36.8% increase from 13.9 million passengers. The airlines is eyeing 22 million passengers.
According to him, the revenue target has not counted contribution from its subsidiary, Citilink. "We estimate Citilink will experience a strong growth as it has added more fleets to 20 units."
Garuda plans to buy 18 fleets, sending a total fleets of 105 units. Capital expenditure is targeted to reach Rp4 trillion.
Finance Director Elisa Lumbantoruan said Garuda still has more than half of the IPO proceed. Garuda recorded another surged yesterday of 7.55% to Rp570 a share.
Disclosure: No position at the stock mentioned above.
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