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Indonesia airport operator owes debt of over 2.4 billion USD

Indonesia’s State-Owned Enterprises (BUMN) has revealed that airport operator company PT Angkasa Pura I (API) owes a debt of 35 trillion IDR (over 2.4 billion USD) due to low traffic at the airport amid the COVID-19 pandemic.
Jakarta (VNA) – Indonesia’s State-OwnedEnterprises (BUMN) has revealed that airport operator company PT Angkasa Pura I (API) owes a debt of35 trillion IDR (over 2.4 billion USD) due to low traffic at the airport amidthe COVID-19 pandemic.

According to BUMN Deputy Minister Kartika Wirjoatmodjo, monthlyAPI losses amounted to 200 billion IDR. If the situation does not improve, thedebt is estimated to reach 38 trillion IDR.

He explained that the company’s cash flow was also weigheddown by the large number of new airports following the inauguration ofthe COVID-19 pandemic. Tiko gave an example of theYogyakarta airport in Kulon Progo, which was built at a cost of 12 trillion IDRbut was empty of passengers.

Therefore, currently, BUMN is looking for a solutionthrough debt restructuring and efficiency. He targets the restructuring to becompleted in January next year.

The official made this statement in response to a request topostpone the rationalization of a number of security officers (security)at the API managed airport, I Gusti Ngurah Rai Airport, Bali.

Earlier on November 9, he said that PT Garuda Indonesia (Persero)was technically bankrupt with its debt reaching 9.75billion USD.

Not only debt that has accumulated, the state-owned airlineis also recorded to have an equity of minus 2.8 billion USD, he said. Sincethe COVID-19 pandemic broke out, its income has dropped toabout 70 million USD per month compared to 235 million USD per month in 2019,he added./.
VNA
#Indonesia’s State-Owned Enterprises (BUMN) #BUMN Deputy Minister Kartika Wirjoatmodjo #Indonesia #Yogyakarta airport #API #Vietnam #Vietnam news #Vietnam News Agency
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