Danantara: Garuda Indonesia Recovery Emerging in Early 2026
Danantara: Garuda Indonesia Recovery Emerging in Early 2026
Reporter
March 30, 2026 | 08:02 am
TEMPO.CO, Jakarta - The Investment Management Agency (BPI) Danantara affirmed that the improvement in PT Garuda Indonesia Tbk’s (GIAA) performance began to be visible in early 2026, in line with the impact of the fund injection intervention carried out in the previous year.
Chief Operating Officer (COO) Danantara and Head of State-Owned Enterprises (BUMN) BP Dony Oskaria stated that the performance pressure still reflected in the 2025 financial report is a condition before the intervention took place.
“The problems recorded today are the 2025 revenues. The intervention that we conducted occurred at the end of 2025. The performance will be visible in early 2026. We will release it in quarter 1 and quarter 2,” said Dony in Jakarta, Sunday, March 29, 2026, as reported by Antara.
He explained that one of the main factors that pressured Garuda’s performance throughout 2025 was the high number of non-operational aircraft (grounded), which still incurred costs, especially from the leasing side. Another challenge is aircraft maintenance, repair, and overhaul (MRO), which requires a lot of time.
“Before the intervention by Danantara, how many were grounded. Now, how many have taken off. But it still cannot reach 100 percent,” he explained.
Nevertheless, Dony ensured that signs of improvement began to appear in 2026. He mentioned that Garuda’s subsidiary, Citilink, has recorded positive results in the first quarter of 2026, which is an initial indication of Garuda Indonesia’s group recovery.
“We still have many ongoing PR efforts. Because it is not enough to just provide money, but also its transformation,” he said.
Meanwhile, Garuda Indonesia still records performance pressure, with a net loss of US$319.39 million throughout 2025.
Previously, Garuda Indonesia’s President Director, Glenny H. Kairupan, emphasized that the additional capital of Rp23.67 trillion from PT Danantara Asset Management (DAM) was an important push to strengthen the transformation of the state-owned airline’s business.
Out of the total Rp23.67 trillion, around Rp8.7 trillion (37 percent) is allocated for working capital needs such as aircraft maintenance and service improvement. Meanwhile, Rp14.9 trillion (63 percent) is intended to strengthen Citilink’s operations, including settling fuel obligations to Pertamina for the 2019-2021 period.
Read: Garuda Indonesia’s 2026 Strategy to Improve Performance
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