November 10, 2025 | 10:53 am
TEMPO.CO, Jakarta - Deputy Director of Garuda Indonesia, Thomas Oentoro, said that the company's subsidiary, Citilink Indonesia, received 63 percent or the equivalent of Rp14.9 trillion out of a total capital of Rp23.6 trillion from the Sovereign Wealth Fund Investment Manager, Danantara. Meanwhile, Garuda Indonesia received 37 percent or Rp8.7 trillion.
Thomas said that 47 percent of the fresh funds to Citilink were for working capital. "The working capital and operational financing of Citilink include aircraft maintenance and repairs," he said in a disclosure to the Indonesia Stock Exchange on Friday, 7 November 2025.
Meanwhile, an amount of 16 percent or Rp3.7 trillion of the funds to Citilink will be allocated to pay off debts for the purchase of aircraft fuel to PT Pertamina (Persero).
Thomas stated that the allocation of funds to Citilink is larger than to Garuda for several reasons. He mentioned that this allocation takes into account the increasing number of grounded Citilink aircraft, which has led to a decrease in serviceability. On the other hand, Citilink is facing a decrease in operations.
"The decrease in Citilink's operational conditions affects Citilink's ability to meet its obligations, including to Pertamina," he said.
Danantara indeed reduced the injection of capital through private placement to Garuda Indonesia from Rp29.8 trillion to US$1.4 billion or around Rp23.6 trillion. The GIAA-coded issuer received this adjustment from Danantara on 29 October 2025 regarding the additional capital injection.
Thomas said that this adjustment automatically changes the company's plans. "There are also adjustments to the planned use of funds, which now no longer include fleet expansion," he said.
As for the remaining funds of 37 percent or Rp8.7 trillion in Garuda Indonesia, Thomas said, it is for Garuda Indonesia's working capital, including payment for aircraft maintenance and repairs.
In a previous announcement, the capital from Danantara to Garuda Indonesia will be determined at an extraordinary general meeting of shareholders on Wednesday, 12 November 2025.
This capital injection is carried out because Garuda Indonesia is estimated to not have recorded positive equity until November 2025, thus hindering access to funding and potentially leading to delisting from the Indonesia Stock Exchange. On the other hand, Garuda Indonesia is under pressure due to the maintenance and restoration of aircraft that have lowered the company's or Citilink's performance.
Garuda Indonesia posted a loss of US$180.7 million or around Rp3 trillion (at an exchange rate of 16,654 per US dollar) until the third quarter of 2025. This loss is a dive from the same period last year, which was at US$129.6 million or around Rp2.1 trillion.
Based on its financial report on the Indonesia Stock Exchange on Friday, October 31, 2025, Garuda Indonesia recorded a gross revenue of US$2.3 billion or Rp38.3 trillion. This revenue decreased from Rp41.6 trillion in the same period last year.
Garuda Indonesia's revenue came from scheduled flights of US$1.8 billion or Rp29.9 trillion, charter flights of US$299.5 million, and others of US$245.8 million.
As for Garuda Indonesia's operating costs, they were recorded at US$2.2 billion, down from US$2.3 billion in the same period last year. As of 30 September 2025, Garuda Indonesia had total assets of US$6.7 billion. Garuda Indonesia's equity was recorded at minus US$1.5 billion, and its liabilities were US$8.2 billion.
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