|Bid||336.00 x 0|
|Ask||338.00 x 0|
|Day's Range||334.00 - 346.00|
|52 Week Range||334.00 - 635.00|
|Beta (5Y Monthly)||0.77|
|PE Ratio (TTM)||168,999.98|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.00|
Indonesia's Lion Air will decide by the end of the month when to proceed with its planned initial public offering (IPO) in the face of reduced investor appetite for the sector because of the coronavirus outbreak, said sources close to the matter. Banks involved in the expected $500 million IPO of one of Asia's largest budget airlines have completed investor presentations in Singapore, Hong Kong, Jakarta, Europe and the United States, the sources said. Sources had previously said that Lion Air could launch the IPO as early as March.
Erick Thohir, Indonesia's recently installed minister of state-owned enterprises, was livid. Just months after Garuda Indonesia was found to have falsified its 2018 accounts, Mr Thohir was presented with reports that senior executives at the ailing state-owned airline had smuggled a Harley-Davidson motorbike and other luxuries into the country on company aircraft. When they ignored him, Mr Thohir made good on his threat — much to the delight of the Indonesian public, which is fed up with tales of venal government officials enriching themselves at taxpayers' expense.
Airlines and passengers are on guard against a new flu-like virus that originated in Wuhan, China. The biggest concern is a sharp drop in travel demand if the virus becomes a pandemic. During the height of the SARS outbreak in April 2003, passenger demand in Asia plunged 45%, according to the International Air Transport Association (IATA).
State airline PT Garuda Indonesia appointed its fourth chief executive in five years on Wednesday, amid calls from government officials for an improvement in the carrier's management and work culture after his predecessor was fired over a scandal. Irfan Setiaputra, 55, named at a shareholder meeting, has a computer science background and most recently ran fibre optics company PT Kirana Solusi Utama, prior to which he had run state-owned telcoms firm PT Industri Telekomunikasi Indonesia. Setiaputra replaces former chief executive Ari Askhara, whom Thohir dismissed last month over accusations of tax evasion.
Indonesia will fine flag carrier PT Garuda Indonesia for violating aviation rules after its chief executive was accused of smuggling a Harley Davidson motorbike onboard a new plane, state news agency Antara cited the transport minister as saying. A day earlier, State-Owned Enterprises Minister Erick Thohir said CEO Ari Askhara would be dismissed over the allegations. "We have send a letter to fine Garuda because it carried items without including them in the cargo list," Transportation Minister Budi Karya was quoted as saying on Friday.
Several Asian airlines have cut flights to Hong Kong for the coming weeks, an industry scheduling publication showed, as anti-government protests in the city grow increasingly violent and disrupt daily life. Routes Online said the latest schedules showed cancellations from PT Garuda Indonesia (Persero) Tbk, India's SpiceJet Ltd, Malaysia's AirAsia Group Bhd, South Korea's JejuAir Co Ltd and Jin Air Co Ltd and the Philippines' PAL Holdings Inc and Cebu Air Inc. The cuts come as Hong Kong police on Monday fired tear gas at protesters trying to escape a besieged university, while others armed with petrol bombs awaited an expected operation to oust them.
Garuda Indonesia and lessor GE Capital Aviation Services (Gecas) have entered into a lease agreement for two B737-800 Boeing converted freighters (BCFs). According to an Oct. 17 announcement, the passenger-converted aircraft are scheduled to be phased into the Indonesian flag carrier's fleet in mid-2020 and will provide additional capacity to Cargo Garuda Indonesia, the carrier's dedicated strategic business unit. The two aircraft will add to three freighters currently in service.
Indonesia's Lion Air "urgently requires" more Boeing Co 737 MAX jets to support its growth strategy once regulators approve the grounded model's return to service, the airline's co-founder, Rusdi Kirana, told Reuters on Wednesday. "If they don't satisfy us, we will cancel the contract," Kirana said.
Flag carrier Garuda Indonesia expects to rebound from a 2018 loss to report a $70 million net profit in 2019 after shifting extra capacity to busier routes, its finance director said on Friday. The airline restated its 2018 accounts to report a $175 million loss instead of a previously reported $5 million profit, after a government-imposed review of its accounting practices. Garuda in March asked to cancel an order for 49 Boeing Co 737 MAX 8 jets, citing a loss of passenger trust following two crashes, although it had been reconsidering the order before the second crash in Ethiopia.
SINGAPORE/JAKARTA (Reuters) - When Resti Novita Sari booked to fly from Jakarta to her hometown of Padang to visit family for the Eid holiday, airfares were 40% to 60% higher than she had paid in previous years. "It made me think twice about buying airplane tickets," she said, adding that she eventually paid 1.7 million rupiah ($120.48) each way for the short flight from the island of Java to Sumatra. Soaring domestic ticket prices in the world's fifth-biggest domestic aviation market, now a duopoly, led the government in May to order Garuda Indonesia and Lion Air to lower fares.
Airline Garuda Indonesia (IDX: GIAA) has been ordered by the Federal Court of Australia to pay A$19 million (US$13.14 million) in penalties for air cargo price fixing as part of a massive international cartel. Australian penalties of A$132.5 million (US$91.64 million) have so far been levied against 14 airlines, according to the Australian Competition and Consumer Commission. Garuda has been ordered by the Australian courts to pay the second-highest amount of penalties for air cargo price fixing.
- Boeing has stopped delivery of all new MAX jets. Its stock has fallen about 6 percent since the Ethiopian Airlines crash on March 10. - Boeing maintains its new, fuel-efficient jets are safe, but supported the U.S. Federal Aviation Administration (FAA) decision to ground them.
Indonesia's Sriwijaya Air, which is operated by flag carrier Garuda Indonesia, has cancelled plan to lease two Boeing Co 737 MAX jets, a spokesman said on Friday. "Due to the Ethiopian crash, the company felt it had to cancel the plan," Sriwijaya Air spokesman Adi Willi Hanhari Haloho told Reuters, referring to the Ethiopian Airlines' crash of a Boeing 737 MAX 8 that killed 157 people earlier this month.
Boeing and Garuda Indonesia are close to renegotiating a 737 Max deal, officials said Thursday, following two fatal crashes involving the jet.
Wednesday will be a pivotal day for aircraft maker Boeing Co and federal aviation safety regulators as they try to rebuild trust following two deadly crashes of Boeing 737 MAX airliners. Boeing has scheduled a briefing on Wednesday for about 200 pilots and airline representatives in Renton, Washington, home of its 737 assembly complex. Also on Wednesday in Washington, D.C., a U.S. Senate panel plans to question the acting head of the Federal Aviation Administration (FAA), the Transportation Department's inspector general and the head of the National Transportation Safety Board about how thoroughly the 737 MAX's automated flight control system was tested, and what will be done to assure that any fixes work.
Investigators looking to uncover the causes must answer one of the biggest questions: Was the plane's software to blame? - Boeing has stopped delivery of all new MAX jets. Its shares have fallen 12 percent since the Ethiopian Airlines crash, wiping $28 billion from its market value.