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Garuda Indonesia posts $2bn net loss in 2020, CEO says

Debt repayment suspension among options being considered to manage COVID fallout

Garuda Indonesia CEO Irfan Setiaputra, pictured during an interview in 2020, informed parliament that the airline lost $2 billion last year. (Photo by Dimas Ardian)

JAKARTA -- Garuda Indonesia suffered a net loss of $2 billion last year, the airline's top executive told parliament, a figure highlighting the dire financial situation faced by the nation's flagship carrier during the coronavirus pandemic.

The number was revealed in a presentation by CEO Irfan Setiaputra to lawmakers at a parliamentary hearing on Monday. Garuda has yet to officially release full-year results for 2020, but a $2 billion net loss would mark its biggest since 2005, the oldest available data on Quick-Factset.

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