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Garuda to Send More Eagles to the Sky
Muhamad Al Azhari | August 09, 2011

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Mike.Jkt
1:33pm Aug 9, 2011

Actually it should be "It's hard to fly with eagles when you're a turkey"!

Serigala-Berbulu-Domba
10:08am Aug 9, 2011

As they say in the classics: it's hard to soar like an eagle when one's surrounded by turkeys.

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Garuda Indonesia chief executive Emirsyah Satar said on Monday that the national airline planned to nearly double the size of its fleet, to 154 aircraft, by 2015 using a lease agreement to access the additional planes.

Emirsyah said $5.2 billion of the $6.5 billion investment would come from its aircraft lessors. The remainder is expected to come from the proceeds of its February initial public offering, which raised Rp 4.8 trillion ($566 million), and from operating cash flow, said the company’s chief financial officer, Elisa Lumbantoruan.

Emirsyah said the larger fleet would help the company almost double the number of passengers it would carry, from 13 million last year to 35 million in 2015.

Garuda also plans to increase the contribution of its low-cost carrier, Citilink, to the airline’s total revenue to nearly 30 percent in 2015 from a low single-figure percentage at present.

Citilink last week flagged plans to expand its network within Indonesia and to Singapore, Thailand, the Philippines, Malaysia and Australia.

Garuda posted a Rp 186 billion loss in the first half of the year, with rising operating costs, including for fuel and personnel, blamed for the loss.

Elisa declined to say whether Garuda would post a profit this year.