Garuda Indonesia swung back to a nine-month loss despite an increase in revenues, due to the lack of income gained from debt restructuring, and as it took a hit from foreign exchange losses. 

For the nine months to 30 September, the Jakarta-based carrier posted a pre-tax loss of $103 million, against a $3.9 billion profit in the year-ago period. 

Garuda pic (c) Shutterstock

Source: Cahyadi/

Revenue for the nine months rose about 48% year on year to $2.2 billion, led by a rise in passenger travel revenue. 

The airline saw a 7% rise in costs to almost $2 billion, with passenger services and flight operations expenses seeing the largest increase. Still, the airline was able to slash its MRO-related costs, as well as administrative expenses. 

Garuda incurred $13 million in foreign exchange losses for the period, compared to the $103 million gain in the year-ago period. Furthermore, the airline did not report any income gained from debt restructuring, unlike in the year-ago period.

In 2022, it reported nearly $2.9 billion in income gained from debt restructuring, as well as around $1.3 billion from payment term restructuring, which helped it swing to a strong profit. 

The airline disclosed a net loss of $72.4 million for the current nine-month period, a sharp contrast from the $3.7 billion net profit last year. 

Garuda ended the period with nearly $352 million in cash and cash equivalents, lower than the $522 million at the start of the year. Still, it is a higher figure than the $168 million in cash in the year-ago period.