The sale of older aircraft helped Garuda Indonesia show a five-fold growth in profits for 1994, according to Indonesian transport minister Haryanto Danutirto. The state-owned carrier's profits rose to nearly Rps351 billion ($160 million) over the year, up from Rps64 billion in 1993. Garuda recently disposed of its fleet of 17 McDonnell Douglas DC-9-30s and is negotiating to sell nine grounded Airbus A300B4s to an unidentified US buyer for a reported $99 million.
Source: Flight International