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Indonesia pumps 480 million USD into State-owned airline

State-owned airline Garuda Indonesia has received state funding amounting to 480 million USD to help the company accelerate its recovery programme as the aviation industry begins to gain some ground.
Indonesia pumps 480 million USD into State-owned airline ảnh 1Illustrative image (Photo: Wikimedia)

Jakarta (VNA) -  State-owned airline Garuda Indonesia has received statefunding amounting to 480 million USD to help the company accelerate itsrecovery programme as the aviation industry begins to gain some ground.

Garuda CEO Irfan Setiaputra said the freshfunding comes at a time when the national economic recovery, especially thetourism sector, is gaining momentum.

The financial injection will be used to restorefleets, finance aircraft maintenance, purchase components, and support the company’scash flow, Irfan added, believing that funding will further strengthen Garuda’sefforts to accelerate the restructuring programme which will conclude by theend of this year.

Earlier, the management of Garuda announced itsambition to transform the company into a profitable and full-service airline asthe number of air passengers is heading to the pre-pandemic levels.

During the third quarter of this year, GarudaGroup transported 10.5 million passengers, an increase of 61%quarter-on-quarter. Over the same period, total revenue also jumped to 1.5billion USD from 939 million USD, according to data from the State-OwnedEnterprise Ministry./.

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