Financial Round Up
Garuda continues in the red
November 18th 2014
Indonesian flag carrier Garuda Indonesia remained in the red for a third straight quarter, although the losses narrowed as the company lifted ticket prices for domestic flights and significantly scaled back its international expansion plans. Read More »
Garuda posted a net loss of $7.8 million in the July-September period, down from the $47.8 million loss made in the previous quarter, and the $11.4 million loss reported for the same period a year ago.
However, soon-to-be replaced Garuda chief executive Emirsyah Satar remained positive when he told Reuters in a text message that “in the latest quarter, Garuda's performance has shown an improvement. We booked a profit of $22.1 million for the month of September."
The airline’s cumulative net loss this year (from January 1 through to September 30) amounts to $206.40 million, due mainly to ballooning fuel costs in the face of a depreciated Indonesian rupiah.
