Jakarta –
The government officially injects additional state holdings (PMN) into PT’s share capital Garuda Indonesia Tbk (GIAA) of IDR 7.5 trillion. This matter is indicated in the Government Regulation (PP) number 43 of 2022.
The PP explains that these funds are from the State Budget of Income and Expenditure (APBN) for FY 2022, as detailed in the 2022 State Budget.
“The value of the additional participation in the state capital referred to in subparagraph (1) is determined by the Minister of Finance on the basis of the results of the implementation of the issuance of new shares presented by the Minister of State Enterprises,” reads the third point of the article 2 of the PP, quoted on Friday (02/12) /2022).
Garuda Indonesia itself is a state-owned company. Efforts to improve the company’s health are also underway, one of which is PMN injection. This step is also in line with the completion of some important corporate restructuring phases.
Earlier last October, Garuda Indonesia President Director Irfan Setiaputra explained that this restructuring mission was an important foundation for the transformation of business performance in order to make Garuda a more adaptable, agile and competitive business entity in the address the outlook for future business performance challenges.
Garuda implemented a number of strategies in the midst of the recovery period, one of which was the restructuring of aircraft leasing agreements for the renegotiation of aircraft leasing costs, the simplification of fleet types and synergies in the expansion of air connectivity between Garuda Indonesia and Citilink.
Garuda also planned to conduct a rights issue again next year to raise capital from the public. Approaches with strategic investors for business development are also underway.
Meanwhile, Garuda’s performance also showed an upswing, especially as the Debt Payment Obligations (PKPU) Deferment Process was completed. This is reflected in net income of US$3.76 billion, in which revenues were contributed by operating income which increased by 26.10% accompanied by amortization of operating expenses by 11.71%.
Not only that, Garuda Indonesia as a group, it also recorded passenger growth of 10.59% or 6,516,555 passengers over the same period a year earlier, or 5,892,274 passengers. Meanwhile, pre-Q4 passenger demand also grew positively to around 84 percent of total available seats in the year-end period, or at least 2.7 million seats.
(La la)
