Garuda's full-year profit soars 50%

Garuda Indonesia reported a 2009 net profit of IDR1.01 trillion ($109.9 million), up 50% from the prior year, and an operating surplus of IDR807.6 billion, CEO Emirsyah Satar said at a Jakarta news conference, adding that the airline is working on restructuring $527 million in debt ahead of its third-quarter IPO
(ATWOnline, Feb. 4). Largest creditor is the European Credit Agency ($241 million), according to reports. Passenger numbers last year rose 3% to 10.3 million but revenue dropped 7% to IDR16.7 trillion. Garuda is targeting a 15% increase in net profit in 2010.