Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Garuda Profits for 2003 Expected to Plunge
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Jln. By Pass Ida Bagus Mantra,
Jln. Pucuk 1 No. 70X
Denpasar, Bali
Indonesia

24h:
+62 (0)812 3819724
Tel:
+62 (0)361 464 032, +62 (0)361 471 0242

Bali Discovery

SITE PATA ASITA
Bali News

Garuda Profits for 2003 Expected to Plunge

Numerous Factors Cited in Anticipate Drop in Profits of Up to 80%.


Bali News:
Click Image to Enlarge

(12/1/2003)

Citing the SARS Panic, the Iraqi war, and world-wide terror fears as the underlying cause - Garuda Indonesia is anticipating a drop by as much as 80% in their profits for the fiscal year 2003.

The Airlines President Director, Mr. Indra Setiawan, has projected profits of only Rp. 100 billion (approximately US$ 11.67 million) for the current year, compared to Rp. 503 billion (approximately US$ 59.17 million) from just one year before. Pointing to an improving business environment, Garuda's Chief Executive was optimistic that profits for 2004 would continue to improve, expecting profit results of something between Rp. 300 Ė 400 billion.

Mr. Setiawan blamed the SARS panic, the invasion of Iraq and domestic terrorist threats as the major contributors to Garuda's sub-par performance in the current year.

During the first quarter of this year the Airline managed to book a profit of Rp. 32.77 billion, down from a targeted Rp. 116.8 billion as the carrier struggled to overcome the sudden drop in passengers due to the October 2002 terrorist attack in Bali. In order to maintain profitability, Garuda undertook dramatic steps throughout 2003 including closing unprofitable routes to China; stopping flight operations between Medan (North Sumatra) and Singapore; and reducing flight frequencies to Japan, Australia and the Middle East.

In November of 2001 Garuda Indonesia restructured its debt. Because of that restructuring the Carrier managed to pay US$ 114.77 million dollars in principal and interest in 2002 due to enhanced operational efficiencies. It is unclear how the reduced revenues and profits for 2003 will impact the Airline's ability to meet its restructured debt obligations.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.

       

 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Itís a Jungle Out There!
The Ritz-Carlton, Bali Says ĎThank Youí to Agents and the Press with a Night Adventure Safari Night
(4/22/2018)
Spanish Conquistador Lands at Nusa Dua
The Westin Resort Nusa Dua, Bali Welcomes Spaniar Oriol Montal As General Manager
(4/22/2018)
Stayiní Alive in Bali
SkŚl Retro Night to Celebrate the 1960s, 1970s and 1980s at AYODYA Resort Bali on Saturday, June 2, 2018
(4/22/2018)
Defaming the Most Sacred
Follow an Act of Sacrilege at a Balinese Temple, Calls Grow to Ban Tourists from Entering Sacred Areas of Balinese Holy Places
(4/22/2018)
RIP: I Gusti Ayu Raya Rasmi 1939 Ė 2018.
The Queen Bee of Balinese Dance has Died
(4/22/2018)
Here Comes the Sun
Baliís Green School Receives Donation of Solar Panels to Take Campus Off the Power Grid
(4/22/2018)
Horses for Underground Courses
Plans Being Drawn for Additional Underpass Near Gatot Kaca Monument at Baliís Airport
(4/22/2018)
You Take the Long Road and Iíll Take the Short Road
Buleleng Regency Ready to Provide Land for Construction of a 1.8-kilometer Shortcut Highway Between Bedugul and Singaraja
(4/22/2018)
Itís Not Easy Being Green
Complaining Health and Crops are Affected, Celukan Bawang Residents in Demand Halt to Building Second Coal-Burning Power Plant in North Bali.
(4/22/2018)
Mythical Bird Scheduled for August Landing in South Bali
Garuda Wisnu Kencana Monument Promised to be Complete by August 2018
(4/22/2018)
The Cruelest Bite of All
Motorcycle Taxi Driver Who Had Tongue Nearly Bitten Off in Rape Attack Sentenced to 5.5 Years Prison
(4/22/2018)
A Sporting Chance
Bali Hopes to Win Bid to Host 2024 National Sports Games (PON-XX1)
(4/23/2018)
All [News]!