Garuda Indonesia moves to net loss in H1 2013

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Garuda Indonesia swung to a net loss of $10.7 million in the first half of 2013, from a net profit of $1.95 million in the same period last year.

For the six months to 30 June, the Indonesian flag carrier's total operating revenues stood at $1.73 billion, an increase of 14% compared with $1.51 billion in the corresponding period a year ago.

The airline's income from operations decreased by 0.6% to $14.3 million, while operating expenses increased to $1.71 billion from $1.5 billion.

Garuda's cash and cash equivalents for the period ended 30 June amounted to $284 million, compared with $251 million a year ago.