Garuda Indonesia Eyes $2.4b From Singapore Airshow

Garuda Indonesia eyes $2.4 billion in transactions from the 2018 Singapore Airshow. (Reuters Photo/Beawiharta)

By : Amal Ganesha | on 8:40 PM February 06, 2018
Category : Business, Corporate News, Corporate Updates

Jakarta. National flag carrier Garuda Indonesia eyes $2.4 billion in transactions from the 2018 Singapore Airshow, which takes place at the Changi Exhibition Center on Feb. 6-11, the company said in a statement on Monday (05/02).

The airshow, the biggest of its kind in Asia, gathers major stakeholders in the aviation industry.

During last year's edition, Garuda signed transactions worth $129 million. This year, it brings its subsidiaries, including maintenance, repair and operations (MRO) company GMF AeroAsia, budget airline Citilink Indonesia and operations support unit Aerowisata.

"We're trying to tell everyone that Garuda Indonesia is a giant in the aviation industry in region, and this event is the place for us to showcase our excellence," Garuda Indonesia chief executive Pahala Mansury said in the statement.

Pahala added that the group will be looking for partnerships to expand its business.

"We're aiming to penetrate the market this year," GMF AeroAsia chief executive Iwan Joeniarto said.

GMF AeroAsia says it has recorded significant growth in the past few years. Overseas investors have recently expressed interest in buying the company's shares.

In the third-quarter of 2017, GMF generated $310.5 million in revenue, which exceeded its initial projection by 102 percent, the company said on its website. Its net profit was $38.1 million, up 8.9 percent from the same period a year earlier.

Meanwhile, Citilink Indonesia said it will take advantage of the event to open international routes. Last year, the company said it will inaugurate international flights in the Asean region in 2018.

"With our participation in the Singapore Airshow, we try to prove that as a premium low-cost carrier we are ready to open international routes in the immediate future," Citilink chief executive Juliandra Nurtjahjo said.

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