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Garuda Indonesia turns around performance with a 2019 profit report
April 3rd 2020
Garuda Indonesia returned to profit in a period the flag carrier described as a challenging calendar 2019. Read More »
Net profit at the airline group for the 12 months to December 31, 2019 was US$6.5 million, a turnaround from a net loss of $228.9 million in the prior corresponding period. Revenue rose 5.6%, to $4.5 billion, Garuda said in its annual report published on the Indonesia Stock Exchange on March 30.
Garuda Indonesia president and CEO, Irfan Setiaputra, said it was a good performance by the airline group in 2019.
"Although the company faced many challenges in 2019, the board of directors remains optimistic about the company’s performance in the future," Setiaputra said in the annual report.
The Indonesian airline group ended calendar 2019 with 67 aircraft, an increase of seven airframes over the previous 12 months.
Elsewhere in the annual report, the company recorded its subsidiary, Citilink, delivered a net profit of $42.6 million for calendar 2019, an improvement from a net loss of $42.1 million in the same months in 2018. Revenue at the subsidiary carrier rose 17%, or $843.7 million, Garuda Indonesia said.
While the annual report does not refer to the coronavirus pandemic that has decimated demand for air travel worldwide, the airline has taken action in response to the outbreak.
It has suspended all flights to mainland China since February and implemented additional health checks and precautions, including the use of personal protective equipment for crews and social distancing practices on all its services.
Flights to the airline group's Australian and Netherlands destinations are continuing with some frequency adjustments.
