Garuda Indonesia expects net profit of USD108 million for 2009

Garuda Indonesia CEO and President, Emirsyah Satar, stated the carrier expects to report a net profit of approximately USD108 million for 2009, after handling 10.3 million passengers (The Nation, 05-Mar-2010). The carrier now aims to increase its net profit to USD370 million over the next five years, by increasing its fleet and expanding its route network. Mr Satar added the carrier is now looking to launch its IPO in 3Q2010.

Garuda Indonesia: "The global aviation industry is slowly recovering from the battering it took in the past year with rising fuel costs and increasing safety and security concerns. But the aviation industry in Asean is likely to recover ahead of European markets, due to stronger economic conditions and growing domestic and regional demand. This will bode well for carriers based in the region, particularly with the slow re-emergence of premium travellers, which will drive profitability for the sector," Emirsyah Satar, CEO and President. Source: The Nation, 05-Mar-2010.