Published on November 8, 2025, by TEMPO
By Adil Al Hasan
Garuda Indonesia Deputy Director Thomas Oentoro said the adjustment automatically changes the company’s plans.
PT Garuda Indonesia Tbk announced a reduction in the capital injection from Daya Anagata Nusantara Investment Management Agency (Danantara) from Rp29.8 trillion to $1.4 billion or Rp23.6 trillion. The listed company, coded GIAA, received the adjustment from Danantara on October 29, 2025.
Garuda Indonesia Deputy Director Thomas Oentoro said the adjustment automatically changes the company’s plans. “There have also been adjustments to the planned use of funds, which no longer include fleet expansion,” he said in an information disclosure to the Indonesia Stock Exchange on Friday (7/11).
Thomas said 37% of the funds, or Rp8.7 trillion, will be used for Garuda Indonesia’s working capital, which includes aircraft maintenance and repair costs. Meanwhile, 63%, or Rp14.9 trillion, is for Citilink’s working capital.
Thomas said, out of the total Citilink’s working capital, Rp11.2 trillion will be used for working capital and Rp3.7 trillion will be used to pay fuel purchase debt.
In the previous announcement, the capital from Danantara to Garuda Indonesia will be determined on the Extraordinary General Meeting on Wednesday, November 12, 2025.
This capital injection was done because Garuda Indonesia is not expected to record positive equity until November 2025, hampering access to funding and raising the potential for delisting from the Indonesia Stock Exchange. Furthermore, Garuda Indonesia is also under pressure from aircraft maintenance and restoration, which have reduced the performance of both the company and Citilink, its subsidiary.
Garuda Indonesia posted a loss of $180.7 million (Rp3 trillion) (an exchange rate of Rp 16,654 per US dollar) through the third quarter of 2025. This loss decreased from $129.6 million (Rp 2.1 trillion) in the same period last year.
According to its financial report to the Indonesia Stock Exchange on Friday, October 31, 2025, Garuda Indonesia recorded operating revenues of $2.3 billion (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 $1.8 billion (or Rp 29.9 trillion), non-scheduled (charter) flights of $299.5 million, and other expenses of $245.8 million.
Garuda Indonesia’s operating expenses were recorded at $2.2 billion, down from $2.3 billion in the same period last year. As of September 30, 2025, Garuda Indonesia had total assets of $6.7 billion. Meanwhile, Garuda Indonesia’s equity was recorded at minus $1.5 billion and its liabilities at $8.2 billion.