Home / General / Garuda Suffers $213.4 Million in Losses Last Year

Garuda Suffers $213.4 Million in Losses Last Year

The National flag carrier Garuda Indonesia suffered US$213.4 million in losses last year. It was down 2.38 percent from the losses recorded the year before.

Actually, the company recorded profit in the third and fourth quarters of 2017 but the profit could not offset losses in the first and second quarters, Garuda Indonesia President Director Pahala Mansury said in a press conference on Monday.

Garuda Indonesia suffered a loss of US$99.1 million in the first quarter and US$184.7 million in the second quarter of 2017, he said.

In the second quarter of 2017, the company must bear non recurring expense including payment of US$137 million for a tax amnesty program and fines of US$7.5 million on the case of cargo business competition with Australia, he said.

As a result, the losses in the second quarter of 2017 reached US$38.9 million.

In the third quarter of 2017, Garuda Indonesia booked a profit of US$61.9 million but the profit nosedived to US$8.5 million in the fourth quarter of 2017, he said.

Overall, Garuda Indonesia suffered a loss of US$213.4 million last year.

Despite the loss, the company’s operating income last year rose 8.1 percent to US$4.2 billion compared to US$3.9 billion the year before, he said.

Print Friendly, PDF & Email

Check Also

Indonesia achieves third rank in ITB Berlin

Indonesia has been selected as the third rank of the best exhibitor for Australia and …

Expanding Domestic Flight Routes, Garuda Indonesia Set to Serve Jakarta-Sorong

In an effort to expand the aviation network and to provide easy access, as well …

Get the latest retail insights from Indonesia

leave your contact details and we'll send it over