GARUDA'S NET PROFIT OVER 10 TIMES UP

Jakarta, April 23 (ANTARA) - PT Garuda Indonesia posted a net profit of Rp669 billion in 2008, up from merely Rp60 billion in the year before.

"Amid the current global economic crisis, Garuda was able to increase its profit," its president director, Emirsyah, said here on Thursday.

He said the airline company also recorded a 37-percent rise in its business income from Rp14.2 trillion before to Rp19.4 trillion.

The company's increasing financial performance was driven by various steps taken and programs carried out in the commercial, operational, financial and productivity aspects.

"The company has also increased efficiency covering a variety of operational support aspects such as fuel consumption, electronic procurement and employee productivity," he said.

In the commercial field, Garuda has successfully increased its service as shown by the number of Garuda passengers that rose from 9.2 millions to 10.1 millions in 2008.

Other rising parameters is production capacity (availability seat kilometer) which was up from 18.1 million seat kilometers in 2007 to 20.1 million seat kilometers in 2008.

EVP Finance Eddy Porwanto meanwhile said in 2009 the company targeted a 37 percent growth of income to Rp26.58 trillion.

"Projection of income growth is based upon efforts by the company to increase the number of its aircraft and to rejuvenate its fleet.

He said in 2009 Garuda would acquire 18 plances consisting of 14 Boeing 737-800s and four Airbus 330s, so until the end of this year total number of Garuda planes reached 67.

In 2009 the state-owned company would also allocate US$100 million in capital expenditures rising from US$20 million in 2008.

"The capital expenditure funds will be taken from internal cash supply," he said.