Garuda Indonesia managed to show a net profit for 1996, but largely as the result of selling off unwanted assets. According to the country's transport minister, Haryanto Danutirto, the state-owned carrier ended the year with an overall profit of 124 billion rupiah ($73.2 million), but that masked a loss of 87.4 billion rupiah on operations. The airline is streamlining its operations, selling off hotel property and trying to cut its debt, in preparation for a planned stock listing at the end of 1998.
Source: Flight International
