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Garuda Indonesia Union Urges Govt to Intervene as Stock Prices Fall

26 May 2023 11:07 WIB

TEMPO.CO, Tangerang - The Garuda Indonesia workers union (Sekarga) on Thursday officially called for SOEs Minister Erick Thohir to take immediate strategic action following the continuous slump of the flag carrier’s GIAA shares, Sekarga chairperson Dwi Yulianta. 

"We request the Minister of SOEs to take strategic steps to restore public confidence in Garuda Indonesia's performance," said Dwi in a written statement Thursday, May 25. "It even touched its lowest level of Rp51 per share on May 19."

Dwi said that this situation can potentially cause capital loss for the government. Garuda's share price has fallen by 70 percent when compared to the initial value during the rights issue at the end of December 2022 of Rp196. At that time, the government injected an Rp7.5 trillion State Capital Investment (PMN).

As of this year’s Q1, Garuda Indonesia recorded operating revenues up to US$602.99 million (roughly Rp8.8 trillion in current exchange) which is up 72 percent compared to the same period of last year.

Garuda Indonesia president director Irfan Setiaputra explained that the growth in operating revenues was in line with the increase in passenger traffic during that period logged 4.5 million passengers, which is a 60 percent increase compared to the same period quarter last year of 2.7 million passengers.

In his written statement, Thursday, May 4, Irfan said the growth in the company's operating revenue was also supported by the achievement of scheduled flight revenue of US$506.82 million, which grew by 87 percent. Revenue from other compositions also grew by 50 percent to US$83.35 million in the first three months of 2023.

As of March 2023, Garuda Indonesia also met its obligations to creditors with a bill value of up to Rp255 million in line with the PKPU settlement which was previously ratified through a Central Jakarta District Court homologation verdict.

JONIANSYAH HARDJONO | RIRI RAHAYU

Editor's Choice: Garuda Indonesia Obtains Rp7.5 Trillion State Capital Injection

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