Garuda Indonesia Posts Rp57 Trillion Profit in the First Half of 2022

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Cindy Mutia Annur 13/10/2022 17:40 WIB

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Garuda Indonesia (Persero) Tbk reported a net profit of US$3.76 billion, or the equivalent of Rp57.7 trillion, in the first half of 2022 (Rp15,361/US$).

Garuda Indonesia's Profit/Loss in the First Semester (2018-2022)

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Garuda Indonesia Posts Rp57 Trillion Profit in the First Half of 2022

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Garuda Indonesia's Profit/Loss in the First Semester (2018-2022)

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PT Garuda Indonesia (Persero) Tbk recorded a net profit of US$3.76 billion, or approximately Rp57.7 trillion (Rp15,361/US$), in the first half of 2022. This significant achievement marks a major turnaround for the national airline after several years of losses.

This figure surged from the first half of the previous year, where the company incurred a net loss of US$901.65 million. The net profit recorded by the GIAA-coded issuer in the first half of 2022 is the highest in the last five years.

According to the company's financial report, Garuda Indonesia recorded operating revenue of US$878.70 million in the first half of 2022. This represents a 26.11% year-on-year (YoY) increase compared to the operating revenue of US$696.80 million in the first half of 2021. (Note: There appears to be a typo in the original text; US$696.80 million is likely the correct figure, not billion).

The state-owned airline recorded operating expenses of US$1.22 billion, down from US$1.38 billion in the same period of 2021.

Garuda Indonesia's CEO, Irfan Setiaputra, stated that this positive achievement was due to debt restructuring following the Suspension of Debt Payment Obligation (PKPU) ruling. The company recorded revenue from debt restructuring of US$2.85 billion in the first half of 2022. Meanwhile, the profit from debt payment restructuring reached US$1.33 billion.

“The approval of the peace proposal through the PKPU homologation ruling some time ago also improved the company's equity position,” said Irfan, as quoted by Katadata.co.id on Wednesday (October 12).

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."