Garuda Indonesia Remains Unaffected by Friday's Stock Slide

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Petir Garda Bhwana

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  • A technician is preparing to check Garuda Indonesia's Boeing 737 Max 8 aircraft at the Garuda Maintenance Facility AeroAsia in the Soekarno-Hatta International Airport, Tangerang, March 13, 2019. REUTERS/Willy Kurniawan

    A technician is preparing to check Garuda Indonesia's Boeing 737 Max 8 aircraft at the Garuda Maintenance Facility AeroAsia in the Soekarno-Hatta International Airport, Tangerang, March 13, 2019. REUTERS/Willy Kurniawan

    TEMPO.CO, Jakarta - President Director of Garuda Indonesia, I Gusti Ngurah Askhara admitted that the state-owned air carrier’s stock had decreased in value after the Financial Services Authority (OJK) deemed Garuda had falsely announced its financial statement.

    The company’s GIAA stock recorded a decrease of 7.5 percent in Friday’s trade on June 28.

    “The stock slide [of 7.5 percent] was individual. It’s still good in terms of majority shareholders,” said Askhara at Garuda Indonesia’s main headquarters in Central Jakarta on Sunday.

    The IDX on Friday closed Garuda’s share price at Rp366 which is a 30-point drop compared to when the day’s trading hours began that saw GIAA shares valued at Rp396 per share and peaked at Rp400 per share while the trade frequency in late June saw 6,895 trades worth Rp25.7 billion.

    The president director maintained that the company’s performance is not affected by this situation and that it has prepared many breakthroughs in terms of service quality improvements, one instance is cabin entertainment facilities.

    He says that the Garuda Indonesia carrier will attempt to boost income through flight ticket sales and its cargo lineup.

    HENDARTYO HANGGI

    Read also: Garuda Indonesia to Downgrade Services over Lower Airfares