News
Garuda Indonesia narrows losses to US$108 million for quarter
May 5th 2023
Garuda Indonesia has reported a net loss of US$107.8 million for the three months to March 31, less than 50% of the US$226.8 million net loss it recorded in the same months in 2022. Read More » Revenue climbed by 72.2%, to US$602.3 million, the company said in a regulatory filing. Expenses were 15% higher at US$605.2 million. The Indonesian flag carrier said its debt restructuring, completed in 2022, has had a “positive impact” on the airline’s performance. However, the airline’s financial accounts noted liabilities exceeded current assets at December 31, 2022. The SkyTeam alliance member reduced its fleet from 210 aircraft pre-restructuring to 133 aircraft in 2022. The fleet will “gradually” increase to 170 airplanes by 2026, Garuda said.
