Detikfinance.com reports the Garuda Indonesia enjoyed a rousing start to the 2011 achieving an income of Rp. 5.189 trillion (US$565.5 million) for Q1 2011, 49% more than the Rp. 3.486 trillion (US$287.3 million) income booked in Q1 2010. The strong sales figures by the Indonesian national carrier were revealed by the CEO of Garuda, Emirsyah Satar at a shareholder's meeting held in Jakarta on Friday, April 29, 2011.
The improved revenues translated into a 28% decline in operating losses in Q1 2011 as compared to the same period one year before. Garuda's operating loss in Q1 2011 totaled Rp. 258 billion (US$28.6 million). Emirsyah said: "Every first quarter cycle there is always a loss. But this year it's 28% less than last year. " At the same time Emirsyah refused to share results for the net profit of the company for Q1 2011, saying this information will be contained in a formal report from the Indonesian Stock Exchange.
The total number of passengers carried by Garuda in the first three months of 2011 was 3.67 million, an increase of 42% over Q1 2010.
Meanwhile, the productivity of the airline as measured by "availability seat kilometer (ASK)" has also improved by 40% to 5.2 billion "seat kilometer." ASK is the sum or the total seats available multiplied by the distance flown during the subject period. "Thus, our passenger yield has improved 71.7%," said Emirsyah.
During the shareholder's meeting the net profit of Garuda for calendar 2010 was reported at Rp. 515,521 billion (US$57.3 million). The 2010 profit will be used to compensate losses incurred in preceding years and, as such, no shareholder's dividend will be distributed by Garuda at this time.
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