Revenue Increases By 72 Percent, Garuda's Net Loss Drops To 110.03 Million US Dollars

Garuda Indonesia (Photo: Doc. Antara)

JAKARTA - PT Garuda Indonesia (Persero) Tbk (GIAA) as a group managed to record a growth in operating income from 1-2023 to 602.99 million US dollars. This number increased 72 percent compared to the period in 2022 which amounted to 350.15 million US dollars.

The growth in Garuda Indonesia's operating income in the 1-2023 Quarter was supported by the achievement of a scheduled flight opinion of 506.82 million US dollars which grew by 87 percent. As well as other revenue compositions that grew by 50 percent to 83.35 million US dollars in the first three months of 2023.

Until March 2023, Garuda Indonesia also recorded EBITDA growth of up to 92 percent, namely to 71 million US dollars or an improvement compared to EBITDA in the same period in 2022 of 37 million US dollars.

Irfan said the growth in operating income was in line with the increase in passenger traffic that Garuda Indonesia Group managed to record in the 1-2023 Quarter, which amounted to 4.5 million passengers or grew about 60 percent compared to the same period last year.

Furthermore, Irfan said Garuda Indonesia's operating revenue growth in the 1-2023 Quarter was a positive outlook for business performance throughout 2023. In the midst of the early period of the year known as the low season period for the aviation industry sector, Garuda Indonesia managed to record solid performance on operating income.

"This achievement is a continuous and early step for performance transformation which consistently shows a positive outlook for efforts to improve sustainable business performance," he said in an official statement, Thursday, May 4.

Furthermore, in the 1-2023 quarter, Garuda Indonesia also recorded a decrease in net losses of 50.91 percent to 110.03 million US dollars from the last 1-2023 quarter of 224.14 million US dollars.

The recording of net losses in the current year of performance is influenced by the application of accounting standards for PSAK 73 which regulates the bookkeeping of rental transactions on operating expenses.

"Despite the implementation of the PSAK, Garuda Indonesia on a performance operational basis continues to record positive performance. This can be seen from a number of important indicators on business performance from the EBITDA side, cash flow to increasing passenger traffic," explained Irfan.

In line with the increasingly solid business performance, Garuda Indonesia at the end of March 2023 has also completed the fulfillment of obligations to creditors which are included in the classification of creditors with a bill value of up to Rp255 million.

The fulfillment of these obligations is in line with the PKPU Peace Agreement which was previously ratified through the decision of the Central Jakarta District Court homologation, and in its implementation it is also aligned with the focus of the ongoing transformation mission.

The settlement of Garuda Indonesia's obligations has been completed against 254 creditors who have a bill value of up to Rp255 million, with the total value of the bill paid reaching Rp15,432,720,782.

Irfan said, the completion of Garuda Indonesia's obligations to creditors with a bill value of up to Rp255 million was an important marker of the increasingly solid achievement of business performance acceleration, especially in carrying out the transformation mission into an increasingly agile and adaptive business entity and fulfilling its business obligations to all creditors.

Furthermore, Irfan said that in the future this will continue to be aligned with the commitment to creditors as part of the implementation of the peace agreement where the Company has also recorded the proportional availability of fund rankings of 61 million US dollars until the end of the 1-2023 Quarter in relation to fulfilling business obligations as stated in the PKPU Peace Agreement.

"We are also gradually trying to accelerate the fulfillment of business obligations for creditors with other classifications in line with the commitment to implementing peace agreements that can continue to run on the track in accordance with the agreements that have been reached together," he said.

Furthermore, from the operational aspect of Garuda Indonesia as the mainbrand, it also continues to record significant growth in passenger transportation which recorded a growth of 98.2 percent in the 1-2023 Quarter to 1.8 million passengers.

Garuda Indonesia also recorded significant growth in international passenger transportation, growing by more than 438 percent, where in the 1-2023 quarter, Garuda Indonesia recorded international passenger transportation of 363,000 people from the previous 66,000 passengers in the 1-2022 quarter.

Meanwhile, Garuda Indonesia's domestic flight passengers as the mainbrand recorded a growth of more than 72 percent to 1.4 million passengers.

"We are optimistic that the performance outlook, which is currently reflected through the achievement of business performance in the 1-2023 Quarter, can be an important foundation for accelerating business performance, which in the future we will continue to optimize the momentum of on-the-track performance transformation," concluded Irfan.