Garuda Indonesia Lost Rp35tn in 2020 as Revenue Fell 70%

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  • TEMPO.CO, Jakarta - State airliner Garuda Indonesia (IDX: GIAA) posted US$2.5 billion net losses in 2020. The loss, which is roughly Rp35 trillion in today's rate, was the result of a 70-percent revenue decline from 2019's.

    The information was delivered by Garuda CEO Irfan Setiaputra in his exposure to the DPR's Commission VI on Monday, 21 June.

    According to the data Tempo received, in 2020 Garuda Indonesia only made US$1.01 billion, a deep plunge from 2019's US$3.3 billion.

    As of December 2020, Garuda's assets were worth US$7.5 billion, while its total liabilities were US$9.57 billion. This brings the airline's equity to minus US$1.9 billion as of December 31, 2020.

    CEO Irfan Setiaputra said the company was Rp70 trillion in debt, which "includes State-owned enterprises as creditors," he said during the meeting with the DPR's Commission VI.

    Irfan also said that the management is still discussing the preparation of a proposal to restructure its debt through a debt payment postponement (PKPU) scheme.

    Read: Garuda Indonesia Debt Grows Rp1 Trillion Each Month, DPR Says

    Francisca Christy Rosana