Indonesia's national carrier Garuda Indonesia posted its first net loss in three years in 2004, losing Rp. 811.3 billion (approximately US$83 million). The Airline managed to post a modest net income of Rp. 2.81 billion (approximately US$287,000) in 2003.
As reported by Bloomberg News, the national carrier posted its loss for 2004 despite managing to significantly improve its overall sales figures for the year by nearly 21%.
Fuel costs reportedly rose in 2004 from 30% to 35% of total operating expenses for the Airline with total operating costs increasing 25% over 2003.
According to Bloomberg, the Indonesian national carrier may suffer operating losses of between US$10 - $20 million as the result of surging fuel costs, despite recent increases in fares and fuel surcharges applied on most domestic and international routes flown by the Airline.
Discovery Tours. Articles may be quoted and reproduced
if attributed to http://www.balidiscovery.com.