1-Feb-2011 9:53 AM

Garuda Indonesia likely to record double net profit

Garuda Indonesia is likely to record a net profit of more than USD110.4 million in 2011, double an estimated IDR420 billion to IDR450 billion in 2010 (Dow Jones Newswires, 31-Jan-2011). Acting finance director Elisa Lumbantoruan said Garuda's load factor will likely increase to an average 75% this year from around 60% in 2010. The carrier will launch its IPO shortly before listing on the Indonesian Stock Exchange on 11-Feb-2011. It plans to use the IPO proceeds, estimated at up to USD531 million (IDR4.8 trillion), to expand its fleet and repay debts.