GARUDA EXPECTS RP21.6 TRILLION INCOME IN 2009

Jakarta, Feb 18 (ANTARA) - PT Garuda Indonesia expects its income this year to reach around Rp21.6 trillion or to grow around 20 percent from its projected income of around Rp18 trillion in 2008.
"This year we are expecting growth of between 15 and 20 percent from total unaudited income of around Rp18 trillion," its president director, Emirsyah Satar, said here on Wednesday.
He said an expected increase in the number of passengers in the year to 12.1 million from 10.1 million last year would be the main factor supporting the growth.
He said income would also be boosted by revitalization of cargo services which was expected to secure a market share of 52 percent or a rise by five percent from the company's market share the year before when the figure was 47 percent.
Cargo service contribution to the company's income kept increasing and this year it was expected to reach around US$13 million, up from around US$11.3 million last year, he said.
He said the optimism for achieving a bigger income this year also came from the company's plan to acquire 14 units of 737-800 Next Generation.
"With the procurement of wide-bodied planes, Garuda's need until 2010 would be met," he said.
With it, he said the company would be easier to optimize its flight route service in the western region as well as the eastern region.
He said the company had also prepared to reopen its international service to Europe such as Amsterdam, London and Frankfurt.
"Right now regulators are still discussing it. When it is opened we will fly there," he said.
He said the company would also immediately realize its investment plan worth US$5 billion to acquire an information technology company to support the company's aviation technology.
Emirsyah did not tell about the target of the company's net profit for 2009. He only said that the company's cashflow was positive. "I could not tell one by one," he said.
He said only US$400 million of the company's debt to the Export Credit Agency still had yet to be negotiated for restructuring.
"The outstanding debt is still around US$400 million but commitment has been made with creditors for its rescheduling in view of the current global condition," he said.
He said however that the debt would be settled by end of the first semester this year.
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