JAKARTA, March 26: Flag carrier Garuda Indonesia said annual profit jumped 56 per cent last year, as strong economic growth and a growing middle class fuel a travel boom in the country.

Net profit increased to 808.7 billion rupiah ($88 million) in 2011 compared to 518.15 billion rupiah in 2010, a company spokesman said in a statement received by AFP.

He said that the company carried 17.1 million passengers last year, an increase of 36.2 per cent from 2010, helping to fuel a 39.1 per cent rise in revenue to 27.2 trillion rupiah.

An expanding middle class, strong economic growth, political stability and the need to link the resource-rich islands are fuelling a travel boom in Southeast Asia’s biggest economy, according to analysts.

Indonesian growth hit a 15 year high of 6.5 per cent in 2011 and is projected to come in between 6.3 and 6.7 per cent this year.

Garuda is aiming to boost its competitiveness significantly by 2015 by nearly doubling its current fleet of 89 aircraft to 154.—AFP

More From This Section

Ecnec okays Rs62bn projects

The Executive Committee of the National Economic Council has approved Rs62 billion worth of development projects.

Cabinet approves LNG import

ISLAMABAD: The much-awaited import of liquefied natural gas (LNG) as an additional source of energy was finally...

Cotton output rises to 13.39m bales

Figures compiled by CGA, Aptma and KCA during outgoing fortnight show around 4,953 cotton bales reached ginning units.

Dar’s statement helps dollar gain 1pc

Dar’s statement that the dollar will be kept around Rs98 to support the export industry created panic-like situation.

Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Front Page