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Garuda Indonesia suffers Rp5.5tn losses as income dropped by 54% in Q1

Tempo - August 9, 2021

Bisnis, Jakarta – Indonesian flag carrier Garuda Indonesia booked an income of US$353.07 million or around Rp5.1 trillion (with an assumed exchange rate of Rp14,353 per US dollar). The value dropped by 54.03 percent, compared to the previous US$768.12 million, year-on-year

During the first three months of this year, the income from scheduled flights decreased to US$278.22 million from US$654.52 million, while those from non-scheduled flights rose to US$22.78 million from US$5.31 million. The other business' income also decreased to US$52.06 million from US$108.27 million.

Based on the financial report as of March 31, 2021, quoted on Sunday, August 8, Garuda Indonesia which traded on the IDX with the code GIAA recorded a decrease in operating expenses. However, the value was still above the company's income performance.

The company's operating expenses in Q1/2021 amounted to US$702.17 million, or lower than the previous US$945.7 million y-o-y. Thus, Garuda recorded an operating loss of US$287.09 million, a reverse of the company's US$616.04 million profit in Q1/2020.

The losses recorded to the company's principal owner hit US$384.34 million or around Rp5.52 trillion compared to the first quarter last year of US$120.16 million.

Meanwhile, the total liability also rose to US$12.9 billion compared to last year's US$12.73 billion. Its short-term liability increased to US$4.55 billion from the previous US$4.29 billion, while the long-term liability dropped to US$8.34 billion from US$8.43 billion.

Furthermore, Garuda Indonesia's negative equity increased to US$2.32 billion. At the end of last year, it was recorded at a negative US$1.94 billion. Meanwhile, the company's assets declined to US$10.57 billion in Q1/2021, compared to the previous US$10.78 billion year-on-year.

Source: https://en.tempo.co/read/1492475/garuda-indonesia-suffers-rp5-5tn-losses-as-income-dropped-by-54-in-q