Garuda profits from assets

JAKARTA (JP): The country's flag carrier PT Garuda Indonesia estimated Wednesday that its net profit for 1997 would be Rp 232 billion, mostly due to the sale of productive assets.

The airline's president Soepandi said the company had sold Hotel Sanur in Bali and Hotel Senggigi in Lombok, West Nusa Tenggara.

He did not mention the value of the sales.

"The assets sales serve as an effort to focus on core business, that is airline business," Soepandi was quoted by Antara as saying.

Garuda, he said, would also sell some aircraft in 1998 to reduce maintenance costs. They will include five DC-10, seven A300-B4 and five B747-200 aircraft. (rid)