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Garuda's nine-month result shows return to profitability

Garuda Indonesia posted an operating of $253 million for the first nine months of 2019, a significant turnaround from a $70.8 million operating loss in the year-ago period.

Total revenue gained 10% to $3.54 billion, driven by sharp revenue increases from the scheduled passenger and other businesses.

Total costs declined by 2% to $3.23 billion, as the group carrier tightened its belt. Costs relating to flight operations and passenger services were reduced, along with general and administrative expenses. On the other hand, the largest increase in expenses came from aircraft maintenance, which shot up by 14%.

The state-owned carrier made a net profit of $122 million, as it benefited from a $51.7 million gain in reclassified unrealised hedging transactions.

Garuda did not release an investor presentation detailing its performance for the nine-month period.

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