Garuda Indonesia (Persero) Tbk. posted a net profit of IDR 515.5 billion for 2010 amidst a large-scale development and investment program which saw the arrival of 24 new aircraft in 2010.
The program which is implemented to all aspects of the airline’s operations lays the foundation for a stronger company that is well-prepared and confident to face future business challenges.
In 2010, Garuda Indonesia reported a total operating revenue of IDR 19,534 trillion, an increase of 9.4 percent compared to the previous year’s IDR 17,860 trillion. Passengers carried in 2010 also increased from 10,3 million in 2009 to 13 million in 2010. Availability seat kilometer/ASK rose from 21.7 billion seat kilometer in 2009 to 25.7 billion seat kilometer. Meanwhile, passenger yield rose from USC 7.5 in 2009 to USC 8.6 in 2010.
Passenger load factor dropped 1.5 percent, from 73.1 percent in 2009 to 71.7 in 2010, while the airline’s On Time Performance was 80.2 percent.
In 2010, Garuda Indonesia brought in 24 new aircraft, consisting of 23 Boeing 738-800 Next Generation and one Airbus A330-200 to boost its plans of expanding network coverage and improving service quality. The new fleet generation of fleet now averages 8.2 years whereas before it was 10.4 years old.
With a younger fleet at its disposal, since 2010 Garuda Indonesia has increased and opened new domestic and international routes, among them direct flight from Jakarta - Tokyo, Jakarta - Sydney, Jakarta - Melbourne; Jakarta - Palu, Jakarta - Ambon, Jakarta - Ternate; as well as reopening flight services to Europe/Amsterdam in June 2010.
Thanks to ongoing service quality enhancements, in 2010 the airline not only became a four-star airline and won the “World’s Most Improved Airline” title from Skytrax, UK, it was also awarded the “Airline Turnaround of the Year” from the Center for Asia Pacific Aviation (CAPA), Australia.
Also in the same year, Garuda Indonesia successfully completed a debt restructuring program, and in the past four years managed to gradually lessen the total of its debts, from USD 868 million (including obligations to ECA/European Credit Agency) to USD 436 million.