Garuda Indonesia Notes An Increase In Passengers Of 61.11 Percent In The Third Quarter Of 2022

JAKARTA - PT Garuda Indonesia (Persero) Tbk (Garuda) managed to record passenger growth of 10,498,823 in the third quarter of 2022.

The number of passengers increased by 61.11 percent from the previous quarter which recorded 6,516,555 passengers.

Operating performance was also strengthened by the achievement of cargo transportation which was recorded at 144 thousand tons until the third quarter of 2022.

Meanwhile, Garuda as a group also recorded revenue growth until the third quarter of 2022 of 60.35 percent to 1.5 billion US dollars compared to the same period in the previous year, which was 939 million US dollars.

The growth in operating income was contributed by scheduled flight revenues of 57.87 percent, unscheduled flight revenues which grew significantly by 171.88 percent, and other revenues by 27.13 percent.

President Director of Garuda Indonesia, Irfan Setiaputra, said that this significant increase in income is also a positive signal for Garuda's future business performance projections.

Irfan also believes that he can be more sustainable, especially with the support of cost structure for operating performance that is increasingly lean and adaptive in facing the challenges of future business performance.

"The condition of the operational performance fund which is increasingly solid and supported by the climate market of air transportation which is growing significantly is a momentum in itself for Garuda to continue to intensify the acceleration of the transformation mission by being supported by various strategic policies to restore sustainable financial performance," said Irfan in an official statement, Friday, November 4.

Irfan said that the revenue growth also further strengthened the outlook for Garuda's positive performance in the midst of the realization of the rights issue in relation to the implementation of the PKPU peace plan.

"As for the plan to increase the capital structure through State Capital Participation (PMN) of IDR 7.5 trillion in support of the fleet restoration program to strengthen the availability of production equipment, especially ahead of the peak season period for year-end holidays," he explained.

Furthermore, Irfan added, as a form of the company's commitment to continue to maintain operational performance, throughout 2022 until last October Garuda Indonesia managed to maintain an average timeliness rate of above 85 percent.

"With a positive performance outlook and the announcement of the Supreme Court's decision on the rejection of cassation and various accelerations of the recognition steps of the PKPU decision, which is currently being intensified through legal authorities in the United States, we are optimistic that we will further strengthen Garuda's steps to continue to accelerate the restructuring process that we projected to be completed by the end of this year," he said.

"This is certainly an important momentum for Garuda's efforts to maximize the momentum of the revival of the aviation industry sector in 2023," concluded Irfan.