Garuda's Bankers Loan $120m for Fleet Expansion
ID/Agustinus Tetiro &Muhamad Al Azhari | November 21, 2012
Handrito Hardjono, Garuda's finance director, said the airline recently sealed commitments from a mix of domestic and foreign lenders for a two-year loan valued at $200 million.
Citibank Indonesia said in a statement that the New York-based banking giant will act as the coordinator for the $120 million syndicated loan. Other creditors that will participate are Bank Panin, Bank ICBC Indonesia, First Gulf Bank PJSC's Singapore branch, Korea Development Bank, Standard Chartered Bank and Bank of China.
A ceremonial signing of the syndicated loan facility is set to be held in Jakarta today and attended by Garuda president director Emirsyah Satar, Citi country officer Tigor M. Siahaan and Citi Indonesia global banking chief Kunardy Lie. Representatives from other creditors are also expected to attend.
Previously, Emirsyah had said that Garuda planned to acquire 24 new aircraft worth $2.25 billion. The planes include two Boeing 777-300ERs, three Airbus 330 series (two Airbus 330-200s and one Airbus 330-300), 10 Boeing 737-800 NGs and seven Bombardier CRJ 1000s.
He said the 24 aircraft will expand Garuda's existing fleet of 95.
"The price tag of Boeing 777 is around $150 million per unit, Airbus 330 at $100 million, Boeing 737 at around $50 million and the Bombardier at around $20 million to $25 million," Emirsyah said recently.
The Boeing 777 and Airbus will be used to serve overseas routes, replacing the aging Boeing 747s.
Currently, Garuda serves 32 domestic routes and 18 international routes.
Garuda, through its "Quantum Leap" program, intends to operate up to 194 planes by 2015. The program, which centers on network expansion and fleet revitalization, aims to make the airline a world-class operator by 2015, when the Open Skies policy among Southeast Asian countries takes affect.
Analysts have said the falling price of jet fuel and the expected rise in air travel among Indonesians will boost Garuda's financial performance this year.
Harry Su, an analyst at Bahana Securities, said his research found that 40 percent of the airline's total operational costs came from fuel costs.
Bahana placed a "buy" recommendation on Garuda stock, with a target price of Rp 900. Garuda's shares were flat at Rp 690 in Tuesday trading on the Indonesia Stock Exchange.
Garuda reported a huge jump in profit for the first nine months of the year, due in part to rising domestic demand.
The Jakarta-based airline booked a 52 percent year-on-year rise in net income to $56.48 million in the January-September period.
Meanwhile, revenue rose 14.4 percent to $2.39 billion.
Analysts said a rising middle class and stable growth will fuel development of airline businesses in Indonesian and boost the number of air travelers.
Operator Of Jakarta's Main Airport Seeks $2.1b to Fund Expansion
Janeman Latul | November 21, 2012
People crowd the Terminal 2 of Soekarno Hatta airport in Jakarta. (JG Photo/Jurnasyanto Sukarno) Indonesia's biggest airport operator Angkasa Pura II will seek Rp 20 trillion ($2.08 billion) in commercial loans and bonds from next year to finance its $2.7 billion development of the country's main airport, its chief executive said on Wednesday.
Tri S. Sunoko told Reuters that the state-owned company has set 2015 as a completion date for its project at Soekarno-Hatta, Jakarta's main airport which can barely cope with the surge in passenger traffic that has accompanied Indonesia's economic boom.
"We plan to have a total [annual] capacity of 62 million people by 2015 once the new development project is completed," he said in an interview at his office overlooking the airport's runways.
The official capacity of the almost 30-year-old airport is 22 million people, though it actually handled 52 million in 2011.
The strain on the country's airports in turn could put at risk major plane orders from manufacturers including Boeing and Airbus by domestic carriers Garuda Indonesia and the privately held Lion Air.
Liberalization of the air transport market a decade ago saw the birth of many new airlines, drove prices down and encouraged many Indonesians to use air travel to get around the vast archipelago, said Sunoko, who headed the government's air transportation department until becoming CEO in 2010.
"The demand is 2.5 times the capacity. How can you deliver a good service with the capacity like this?" he said.
The Angkasa Pura development will involve building a train station to connect the airport and central Jakarta, a hotel and a convention hall, he said.
Unlike those in Malaysia and Singapore, Jakarta's international airport lacks railway access, which means passengers frequently have to struggle through grinding traffic jams to reach it.
Angkasa Pura plans to further expand the airport's capacity to 87 million people by 2020, though this would require the purchase of an additional 800 hectares of land by the coast north of Jakarta.
The Jakarta-based company, which operates 12 airports across Indonesia, is also building at least two new airports to service the major North Sumatran city of Medan and the West Kalimantan capital Pontianak.
Angkasa Pura posted 1.1 trillion rupiah of net profit in 2011, up 6 percent from 2010, while revenue jumped 59 percent in the same period.
Reuters
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