Garuda & Citilink 1Q losses widen. Potential Singapore Airlines investment
16 May 2014 00:11:40
Garuda Indonesia incurred a significantly wider loss in 1Q2014 as its international operation struggled and budget subsidiary Citilink chalked up more losses. Garuda is at an important juncture as it seeks to raise cash to fund continued rapid expansion through a rights issue at the group level and a stake sale at Citilink.
Generating private equity or financial investor interest has been challenging given the difficult market conditions facing the aviation sector in Indonesia and Southeast Asia. But there is interest from potential strategic investors as other Asian airlines are keen to grow their presence in one of the region's most dynamic and fastest growing markets.
Read full story: centreforaviation.com