And so, one could predict from the start of the COVID-19 crisis that airline Garuda Indonesia would encounter big challenges. Although the national flag-carrier, which is majority-owned by the Indonesian state, is yet to release its full-year (FY) 2020 corporate earnings report, signs are on the wall that last year’s earnings are among the company’s weakest in decades.

Up to the third quarter of 2020, Garuda Indonesia recorded a USD $1.07 billion net loss based on its Q3-2020 corporate earnings report. However, in late-June 2021, Garuda Indonesia President Director and CEO Irfan Setiaputra informed lawmakers at a parliamentary hearing that the airline’s net loss could be as high as USD $2.0 billion in FY-2020.

Earlier in June 2020, it was already evident that Garuda Indonesia is facing heavy trouble when it announced the postponement of coupon payments on its USD $500 million worth of Global Sukuk Limited Trust Certificate (that matures in 2023) as it was unable to make the payments on 3 June 2021. When the grace period of 14 days had passed, the Indonesia Stock Exchange (IDX) decided to stop trading of Garuda Indonesia shares on 18 June 2021 (until further notice).


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