Garuda sees $121m profit

JAKARTA (JP): State-owned flag carrier Garuda Indonesia expects to earn about Rp 850 billion (US$121 million) in net profit this year, higher than 1998's result of over Rp 350 billion, the airline's president, Abdulgani, said on Tuesday.

He said the company projected gross revenues of between Rp 6.8 trillion and Rp 7 trillion this year due to a predicted increase in passenger demand.

"The demand for seats has recovered and will continue to increase this year. In order to meet the demand, we are going to add one or two new routes and increase the existing schedules to busy destinations," he said.

He added that Garuda enjoyed better business last year. After losing money for eight years in a row, the carrier booked a net profit of over Rp 350 billion last year, higher than the initial target of Rp 270 billion. (cst)