Garuda Indonesia to Repay US$131 Mn of Debts

Garuda estimated that its income in 2011 reached Rp27.1 trillion.

Jum'at, 13 Januari 2012, 11:07 Nur Farida Ahniar, Sukirno
(VIVAnews/Adri Irianto)

VIVAnews - Finance Director of PT Garuda Indonesia (Persero) Tbk (GIAA), Elisa Lumbantoruan, said the company will repay its debts of US$131 million (Rp1.2 trillion). This will reduce the company’s debt, which has reached US$512 million (Rp4.7 trillion) by the end of 2011. 

Garuda’s debts rose from US$476 million in 2010. The rise was caused by additional loans from a consortium of foreign and local banks worth US$50 million. “Rp1.433 trillion of fund to pay the debts comes from the capital expenditure budget of 2012,” she said in Jakarta, Thursday, Jan 12.

This year, the company will propose bank loans to finance the 2012 capital expenditure. However, Elisa refused to mention the amount.

“The discussion is still underway. We also need approval from our stock holders,” she said.

Garuda estimated that its income in 2011 reached Rp27.1 trillion, 39 percent higher than the income in 2010 of Rp19.5 trillion.

The company’s profit rose from Rp70 billion in 2010 to Rp900 billion in 2011. “We can’t predict our net profit yet because we are still conducting an audit,” she said.

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