08 Jun '11, 3pm

Garuda Indonesia expects 2011 to be profitable year

SINGAPORE: The Indonesian flag carrier Garuda is remaining optimistic about turning around its losses this year. This, despite booking losses of some US$30 million in the first quarter. Emirsyah Satar, President and CEO of Garuda Indonesia, said: "First quarter has always been a loss because of the seasonality. So, in the second, third, fourth, we'll recover. And then make this year a profitable year." Garuda's losses narrowed in the first three months of 2011 - compared to last year. This was helped by a near 50 per cent jump in revenue. But looking ahead, the carrier warns that high oil prices may put pressure on its earnings. Mr Satar also said that the airline plans to hedge about 5 to 10 per cent of its total fuel needs - to mitigate against rising fuel costs.

Full article: http://www.channelnewsasia.com/stories/corporatenews/view...

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