REPUBLIKA.CO.ID, TANGERANG - Publicly listed PT Garuda Indonesias net profit plunged by 89.89 percent from 110.8 million USD in 2012 to 11.2 million USD in 2013. Its operating profit meanwhile dropped by 66.4 percent to 56.4 million USD from 168.1 million USD in 2012.

"Garuda Indonesias financial performance in 2013 was affected by rupiah depreciation and high fuel price," Garuda's president director Emirsyah Satar said on Monday.

He said besides the two factors Garuda had also invested heavily in the year to increase the number of its fleet to support the development of its subsidiary, Citilink, as a low cost carrier.

"In the US dollar the companys income was a bit different. Our income is in the US dollar while the rupiah has so far depreciated and so we have been affected by it. However in the rupiah term our income is quite good," he said.

"Sixty percent of Garuda Indonesias operating cost is in the US dollar while the rest 40 percent in the rupiah. Fifty percent of its income meanwhile is in the US dollar and 50 percent others in the rupiah," he added.

Emirsyah said Garuda Indonesia bore 3.71 billion USD in operating cost in 2013, up from 3.29 billion USD in the previous year.

Garuda meanwhile spent 1.42 billion USD for fuel in 2013 which was up from 1.25 billion USD in 2012 and the biggest operational cost compared to cost for airplane leasing, insurance, employees salaries and others.

Although its net profit was down, Emirsyah said in 2013 Garuda was able to pay off its debts totaling 130 million USD consisting of 55 million USD to Citi Club Deal-1 and 75 million USD to Indonesia Exim Bank, he said. Garuda Indonesia ended 2013 with an operating revenue of 3.72 billion USD up seven percetn from 3.47 billion USD in 2012.

Its passenger revenue meanwhile rose 10 percent to 2.96 billion USD in 2013 from 2.69 billion USD in 2012. During 2013 Garuda Indonesia carried 25 million passengers up 22.3 percent from 20.4 million in 2012.

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