Wednesday, November 5, 2008

Growth of the International Passenger upset

Garuda Indonesia

PT Garuda Indonesia estimate, the growth of international passengers, especially the passenger who use of this airline to Indonesia, will be disrupted in 2009 as the impact of the current global crisis.

"We estimate the impact of the growth of the inbound passengers (into Indonesia) will corrected," said President Director of PT Garuda Indonesia, Emirsyah Satar to the press after the signing of the MoU between the PT Garuda Indonesia with a legion Veterans of the Republic of Indonesia (LVRI) in Jakarta Wednesday (5/11/2008).

However, Ermirsyah asserts, the correction growth, particularly because the currency of  Garuda countries flight market such as Korea, Japan and Australia, had been depreciate significant as impact of global crisis. "The figure around 25-35 percent. This is significant and can affect the ability of purchasing power, including the need to travel," said Emirsyah.

Meanwhile, the domestic growth relatively no effect. Moreover, the condition tends to improve because, in 2009, the situation benefited by the political parties and democracy in 2009 elections and form the spirit of regional autonomy.The business operating profit this year is estimated to exceed the target of Rp290 billion.

Garuda's debt to foreign creditors and a number of countries in the current value reached 763 million U.S. dollars. Details, among others, Garuda debtor to the European Export Credit Agency (ECA) of 510 million U.S. dollars, and to some holders of debt (promissory notes) 130 million U.S. dollars. In addition, Garuda also have a debt to the Export Development Canada of 12 million U.S. dollars.Not only that, this airline is also had debt to the holders of mandatory convertible bonds (MCB), such as Bank Mandiri, Angkasa Pura I and II, which amounted to 131 million U.S. dollars.While the rest, about 100 million U.S. dollars is the amount of debt to creditors in other countries, namely, BRI, BNI, and Pertamina.