From 'Come Back', Garuda Indonesia Turns Loss into Profit in Q3 2022

State-owned airline Garuda Indonesia (PT Garuda Indonesia Tbk) reported a US$1.50 billion increase in revenue, a 60.34% rise from the previous period's US$939.02 million.

This revenue growth was contributed by scheduled flights (57.87%), a significant increase in non-scheduled flights (171.88%), and other revenue sources (27.13%).

Garuda Indonesia's CEO, Irfan Setiaputra, stated that this significant revenue increase is a positive sign for the company's future performance projections. "The increasingly solid fundamental conditions of operational performance, supported by the growing significant climate of the air transportation market," Irfan said in his official statement on Friday (4/11), as reported by *Katadata.co.id*.

Garuda Indonesia recorded a profit of US$3.70 billion, or approximately Rp58.02 trillion, in the first nine months of this year, assuming an average exchange rate of Rp15,641 per US$. This performance is a stark contrast to the US$1.66 billion loss (approximately Rp25.96 trillion) during the same period the previous year.

The positive financial performance this quarter was also supported by a 61.11% increase in passenger numbers and cargo transportation reaching 144,000 tons in Q3 2022. Garuda Indonesia CEO Irfan Setiaputra stated that the growth rate of Garuda Indonesia Group passengers increased by 61.11% to 10.49 million passengers. Compared to passenger traffic up to Q2 of the same year, Garuda only recorded 6.51 million passengers.

Furthermore, operational performance was strengthened by the achievement of cargo transportation, recorded at 144,000 tons up to Q3 2022.

(read: Garuda Indonesia Dominated Indonesia's International Flights in 2021)