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Garuda Looks to a Mid Year Recovery

June-July Earmarked as Return to Near Normal Operations.

(2/24/2003) Garuda Indonesia's President Director, Indra Setiawan, is targeting June of 2003 as a time when he expects his airline's cash flows and passenger numbers to begin operating at near normal levels. In comments made to the press following the meeting of the Indonesia National Air Carriers' Association (INACA) on Friday, February 21, 2003, and quoted in the Indonesian-language daily Kompas, Setiawian said he was hopeful that Garuda would end the current year by achieving a profit of Rp. 570 billion (approximately US$ 64 million) against total revenues of Rp. 12 trillion (approximately US$ 1.348 billion).

Garuda's load factors were badly affected by the downturn in passenger totals following the October 12, 2002, terror attack on Bali and the series of travel advisories issued by a number of nations for their citizen considering a holiday in Bali. That situation saw the airline drastically reduce their flight frequencies to Australia, Japan, Frankfurt, Amsterdam and London. In recent weeks Garuda has begun to reintroduce services to many of those markets, while refocusing its marketing efforts to Asia by adding new flights to the People's Republic of China.