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Garuda CEO says recovery to take up to four years
July 23rd 2021
Garuda Indonesia CEO, Irfan Setiaputra, said the airline's recovery from the pandemic was expected to take up to four years. Read More » Writing in the company's 2020 annual report, Setiaputra said the decline in passenger traffic had made Garuda "more careful and adaptive in seeing opportunities to create turning point momentum" for the airline. "In the midst of a situation full of uncertainty, Garuda Indonesia is required to remain agile and resilient in an effort to accelerate its performance recovery by facing the impact of the pandemic. The recovery process is projected to last three to four years," Setiaputra wrote. Garuda's debt increased by an average of US$50 million per month in the first three months of 2021, the CEO said, down from about US$79 million per month in 2020. The company reported negative earnings before interest, tax, depreciation and amortisation in the second half of calendar 2020, the CEO said.
