Garuda Indonesia has shrunk its management to reduce costs.
Garuda now has only six directors, removing the position of vice president director and merging services and business development director with commercial and cargo director, President Director Irfan Setiaputra said in a press conference after an annual shareholders’ meeting on Friday.
"Considering from time to time we always streamline the number of employees, we also have to streamline the board of directors,” said Setiaputra."This for sure will create complications, but we are ready to face them.”Garuda is just one of many global airlines paralyzed by the Covid-19 pandemic and forced to undertake various debt restructuring measures.
Garuda’s revenue dropped nearly 70% in 2020 as travel came to a halt, leading it to record US$2.4 billion of net loss, the worst since 2011 when the airline went public, Bloomberg-compiled data shows. It remained in the red during the first three months of this year with net loss of US$384 million, according to its latest financial report.
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