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Garuda Indonesia’s Illusionary Profits

Monday, June 19, 2023

Garuda Indonesia announces its biggest ever profits. It hinges on negotiating postponement in paying its bills.

Garuda Indonesia Airbus A330-300 airplane as seen before landing at Soekarno Hatta Airport in Tangerang, Banten, December 18, 2017. REUTERS/Beawiharta. tempo : 176920103577.

THIS year’s Forbes 2000 list, released by financial magazine Forbes on Saturday, June 10, pleased Irfan Setiaputra, Garuda Indonesia’s Chief Executive Officer (CEO). Garuda perched at ranking 1,572 out of 2,000 of the world's public companies with promising performances.

Garuda made the Forbes 2000 list together with 42 other airlines and other aerospace and defense companies. From Indonesia, seven other firms made it to the For

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