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Chased by Costs

Garuda Indonesia Books a Loss Despite Record Revenues & Passenger Loads

(9/1/2013) Tempo.co reports that PT Garuda Indonesia booked US$10.7 million (Rp.116 billion) in losses during the first six months of 2013.

 
In the previous year (2012) Garuda recorded a net profit of Rp. 20.7 billion (US$2.7 million).
 
In Garuda’s financial reports for the first six months of 2013 the income of the airline increased 14.1% when compared to the same semester in 2012. The Airline’s income for January-June 2013 totaled Rp. 18.7 trillion, up from Rp. 16.3 trillion for the same period one year before.
 
Despite higher income levels, profits were dragged down at the national carriedr by expenses that increased to Rp. 18.5 trillion from Rp. 15.2 trillion during the first semester of 2012.
 
Operational costs totaled Rp. 9.4 trillion during January – June 2013, a figure representing 58.3% of all expenses. Fuel costs comprised Rp. 7.1 trillion of all operational costs. Financial costs for Garuda increased 92% during the first six months of 2013 totaling Rp. 251.7 billion.
 
Company profits for Garuda during the first half of the year declined 0.6% totaling 155.8 billion for January-June 2013.
 
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