Jakarta (ANTARA News/Asia Pulse) - The country's flag carrier Garuda Indonesia reported a loss of Rp298.2 billion US$33 million) in 2006, a significant improvement on its Rp688.4 billion loss in 2005.
Garuda President Emirsyah Satar said the airline's load factor improvement were not enough to offset spiralling fuel prices and the cost of servicing its US$749 million in debts.
The government included Garuda in its privatization program this year, and the Rajawali Group, a widely diversified corporation, has submitted a proposal to acquire a stake in the airline.
However, the government will maintain the majority share of at least 51 per cent in Garuda.
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