Garuda posts Q1 net loss of Rp183.6b

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Garuda Indonesia has posted a net loss of 183.6 billion Indonesia rupiah (Rp) ($21.5 million) for the first quarter due to higher fuel costs and operating expenses.

In the corresponding period a year ago, it reported a net profit of Rp18 billion.

For the three months ended 31 March, the airline posted a 49.7% growth in revenue to Rp5.19 trillion. Expenses rose 42.3% to Rp5.45 trillion, said the carrier. It narrowed its operating loss by 28.4% to Rp259 billion.

In terms of passenger traffic, RPKs for the quarter rose 49.7%. Passenger numbers surged 42.3% to 3.68 billion, said Garuda. Capacity, as measured in ASKs, grew 40.1%. Its passenger load factor rose 6.9 percentage points to 71.7%.

As of 31 March, Garuda operates 85 aircraft, up from 73 aircraft a year ago. It aims to retire seven Boeing 737 Classic aircraft this year, it said.