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Garuda Indonesia CEO announces airline lost US$2 billion in 2020
June 22nd 2021
Garuda Indonesia CEO, Irfan Setiaputra, has revealed the airline lost about US$2 billion on revenue of about US$1 billion in calendar 2020 as the coronavirus pandemic hammered its bottom line, local media reports. Read More » The figures were included in Setiaputra's presentation to an Indonesia parliamentary committee hearing. Garuda has not released its calendar 2020 financial results. The most recent information showed Garuda had recorded a net loss of US$1.1 billion for the nine months to September 30, 2020, compared with a net loss of US$122.4 million 12 months earlier. Revenue declined 67.8%, to US$1.1 billion, in the nine month period. Garuda deputy CEO, Dony Oskaria, said the SkyTeam alliance member had returned 20 aircraft to lessors and talks were continuing about another seven aircraft. Some lease agreements have been renegotiated, saving about US$11 million a month. The Garuda presentation to parliament indicted the airline would reduce its fleet from 142 aircraft to 66 by 2022.
