Garuda Indonesia Earns Net Profit Of 18.11 Million US Dollars As Of October 2024, This Is The Explanation Of The President Director

President Director of Garuda Indonesia Irfan Setiaputra (Photo: VOI)

JAKARTA - PT Garuda Indonesia Tbk (GIAA) posted a net income of 18.11 million US dollars in the October 2024 period. This achievement was compared to the previous record net loss of 82.86 million US dollars in the same period in 2023.

GIAA President Director Irfan Setiaputra explained that GIAA's net income achievement was caused by a change in the application of the 73 Financial Accounting Standard Statement (PSAK) to PSAK 107.

He explained that the net income achievement still came from 10 percent lessor (aircraft employees) who approved PSAK 107, out of the total chartered aircraft under the company.

"This has agreed 10 percent. As much as 10 percent of the number of aircraft, yes," said Irfan quoting Antara.

If all lessors agree to the implementation of PSAK 107, he is optimistic that in the future the company's equity can turn positive compared to the current negative position.

"As of yesterday, October 2024, we immediately book (PSAK 107) which can be positive, 10 percent of the total list of aircraft. That means, in the future too, if everyone agrees, we will immediately be positive, our equity is positive," said Irfan.

PSAK 73 is the standard for bookkeeping rental transactions on operating expenses, while PSAK 107 is an accounting standard for the ijarah contract used in financing by Islamic banks and other financial institutions.

In PSAK 73, aircraft rental costs will be included as operational expenses, while in PSAK 107 the aircraft rental fee will be cash base.

As of October 2024, Garuda Indonesia posted revenues of US$2.84 billion, an increase of 16.13 percent (yoy) compared to the previous US$2.44 billion.

In this period, the company's EBITDA was recorded at USD 780.34 million, an increase of 13.82 percent (yoy) compared to USD 685.60 million in the same period the previous year.

Then, the company's operating result was recorded at US$310.40 million as of October 2024 or an increase of 19.69 percent (yoy) compared to US$249.30 million in the same period the previous year.