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Garuda Indonesia books $122m profit in strong comeback

Jakarta Globe - November 1, 2019

Heru Andriyanto, Jakarta – National flag carrier Garuda Indonesia posted a $122.42 million profit in the third quarter, in a strong comeback from its $114.08 million loss in the same period last year, the company said in a statement on Thursday.

The airline saw its revenue increase 10.28 percent to $3.54 billion, while operating costs were 2 percent lower at $3.28 billion.

Revenue from scheduled flights totaled $2.79 billion, while unscheduled flights brought in $249.9 million.

The lower operating costs are partly attributed to fuel expenses having dropped to $908 million from $1.02 billion, according to the financial statement.

Profit before tax surged 244 percent to $191.60 million from a previous loss of $132.18 million.

The company's assets were valued at $4.41 billion as of Sept. 30, up 6 percent since Dec. 31, 2018.

However, Garuda lost $13.91 million due to exchange rate fluctuations, in contrast with last year's $52.35 million windfall from a similar cause.

Source: https://jakartaglobe.id/business/garuda-indonesia-books-122m-profit-in-strong-comeback