Despite Increased Revenue, Garuda Indonesia Still Posts Rp1.61 Trillion Loss in Q1 2023

The Indonesian state-owned airline Garuda Indonesia reported a loss of US$110.13 million in the first quarter (January-March) of 2023. This is equivalent to Rp1.61 trillion (assuming an exchange rate of Rp14,666 per US dollar on May 5, 2023).

This loss attributed to the parent entity's owners actually decreased compared to the same period the previous year. The issuer, coded GIAA, recorded a loss of US$224.66 million, or almost Rp3.3 trillion, in the first quarter of 2022.

Despite this, GIAA recorded significant revenue in the first quarter of 2023, reaching US$602.99 million or Rp8.84 trillion. This represents an increase from the same period in the previous year, which saw revenue of US$350.15 million or Rp5.13 trillion.

Scheduled flights contributed significantly to this year's early revenue, amounting to US$506.82 million or Rp7.43 trillion.

Garuda's losses have persisted for several years. Similar to the first quarters of 2023 and 2022, Garuda also reported losses in the first quarter of 2021, amounting to US$384.34 million or Rp5.63 trillion, and in the first quarter of 2020, with losses of US$120.16 million or Rp1.76 trillion.

Currently, GIAA's total assets reach US$6.18 billion or Rp90.72 trillion. Its liabilities amount to US$7.82 billion (Rp114.82 trillion), and its equity is US$1.64 billion (Rp24.09 trillion).

The following table shows Garuda Indonesia's revenue and profit/(loss) for Q1 2020-Q1 2023:

* Q1 2020
* Revenue: US$768,123,482
* Profit/Loss: US$(120,161,229)

* Q1 2021
* Revenue: US$353,070,544
* Profit/Loss: US$(384,348,119)

* Q1 2022
* Revenue: US$350,155,475
* Profit/Loss: US$(224,661,874)

* Q1 2023
* Revenue: US$602,991,729
* Profit/Loss: US$(110,137,598)