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Revenues and Profit Increase for Garuda in 2008

Garuda CEO Announces Stronger Financial Performance Despite Declining Load Factors.

(3/6/2009) reports that Garuda Indonesia has booked a turnover of Rp. 18.1 trillion (US$1.6 billion) in 2008, an increase of 38.1% when compared with income totals in 2007 of Rp. 13.103 trillion (US$1.17 billion).

The strong income performance was revealed by the President and CEO of Garuda, Emirsyah Satar, at a luncheon celebrating the financing of 8 new Boeing 737-800NG funded by DAE Capital.

"Garuda's un-audited profit in 2008 was Rp. 683 billion (US$61 million), an increase of Rp. 258 billion (US$23 million) when compared to 2007," explained Emirsyah.

Garuda's CEO also boasted that the on-time performance for his airline improved in 2008 with 84.11% of all flights departing on schedule. In 2007, the on-time percentage was only 76.73%, while in 2009 the national carrier is targeting an that 85% of its flights will fly to schedule.

Emirsyah told the press that the overall load factor declined slightly in 2008 at 76.53%, as compared with 77.46% in 2007.

Said Emirsyah, "Garuda flies 2,000 times every week to more than 60 domestic and international destinations."