Garuda launches its first cargo jet<\/p>\n
JAKARTA (JP): Flag carrier Garuda Indonesia launched yesterday
\nits first cargo jet in a bid to cash in on the booming Asian
\nairfreight business.<\/p>\n
Syahrul Tahir, vice president for cargo planning and
\ndevelopment, told reporters after the inaugural flight of the B-
\n737-200C plane at Soekarno-Hatta airport that Garuda is
\npreempting other regional airlines who are eying the Indonesian
\ncargo market.<\/p>\n
Several foreign air freighters, including some from
\nneighboring Southeast Asian nations, see Indonesia as a potential
\nmarket for air cargo services, he said.<\/p>\n
\"We're not behind in this business,\" Syahrul reassured
\nreporters. \"Garuda has established partnerships with Korean
\nAirlines and China Airlines to provide international air cargo
\nservices,\" he added.<\/p>\n
A second B-737-200Cs jet will be added to the service in early
\nNovember. They will operate scheduled services linking major
\ncities in eastern Indonesia, including Surabaya, Denpasar,
\nUjungpandang, Manado, Biak and Jayapura.<\/p>\n
\"(Later on), we plan to add some regional destinations,
\nincluding Kuala Lumpur,\" Syahrul said.<\/p>\n
The jets have been leased from a foreign firm, but Syahrul
\nrefused to disclose the name of the leasing company or how much
\nGaruda is paying. \"I can only tell you that a jet is usually
\nleased for $2,400 per hour.\"<\/p>\n
Sources said the leasing company is a Malaysian firm.<\/p>\n
Garuda already offers cargo services, but the goods are flown
\non board scheduled passenger services.<\/p>\n
The cargo business contributes around 15 percent of Garuda's
\nannual revenue, which reached Rp 2.37 billion ($1 million) in the
\nfirst six months of 1996 and Rp 4.13 billion in 1995.<\/p>\n
\"We forecast growth rates of between 17 and 18 percent a year
\nin cargo revenues, now that we have the jet up and running,\"
\nSyahrul said.<\/p>\n
Separately, Finance Director Subiyanto told Antara that Garuda
\nplans to sell 25 percent of its shares when it enters the capital
\nmarket by 1998.<\/p>\n
\"Garuda has been given only two years to prepare the initial
\npublic offering, instead of the five years given to other state
\ncompanies,\" Subiyanto said.<\/p>\n
He said that Garuda's debt-equity ratio stands at 55:45.<\/p>\n
Garuda's total outstanding debts stand at Rp 900 billion ($384
\nmillion) because of heavy borrowings a few years ago when it
\nplaced orders for five B-737-400s and two B-747-400s.<\/p>\n
Minister of Transportation Haryanto Dhanutirto during a
\nhearing with the House of Representatives last month said that
\nGaruda suffered losses of Rp 2.65 billion in the first six months
\nof this year. In 1995, it made a profit of Rp 135.79 billion.<\/p>\n
The airline is currently restructuring marketing, operations
\nand its organization. In June the government agreed to inject Rp
\n754 million to improve Garuda's financial position. (icn)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/garuda-launches-its-first-cargo-jet-1447893297",
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