Garuda Indonesia has restated its 2018 financial results, which now show that it made a full year operating loss of $139 million, instead of the $101 million operating profit disclosed in April.
The revised figure compares to an operating loss of $76.2 million for the previous financial year, which runs to 31 December.
Garuda was forced to restate its results after receiving an order from Indonesia's financial regulator over its treatment of a $240 million deal with in-flight entertainment and connectivity provider, Mahata Aero Teknologi, which was previously treated as an operating item.
Despite a larger operating loss, its attributable net loss actuallly narrowed year-on-year from $217 million to $179 million.
The restatement also means that Garuda's net gearing ratio rose from 1.5 in 2017 to 2.2 in 2018, while debt-to-equity ratio rose from 1.8 in 2017 to 2.49 in 2018. Its capital level also fell from $938 million to $730 million.
Its debt covenant requires the carrier to have a minimum capital of $800 million, while its maximum debt-to-equity ratio is capped at 2.5 times.
While the airline was separately ordered by the Indonesian stock exchange to restate its first quarter 2019 results, there was no change to its operating profit of $49.4 million.
However, the restatement means that Garuda's net gearing ratio for the quarter rose from 1.4 in the first quarter of 2018 to 1.7, debt-to-equity ratio growing from 1.8 to 2.1, and its capital level fell from $870 million to $791 million.