Garuda Indonesia Still Posts Rp1.16 Trillion Loss in First Half of 2023

PT Garuda Indonesia Tbk reported a loss of US$76.5 million, or Rp1.16 trillion (assuming an exchange rate of Rp15,182 per US$), in June 2023, representing the first half of the year. This contrasts sharply with the same period in 2022 (year-on-year/YoY), which recorded a net profit of US$3.76 billion, or Rp57.10 trillion.

(See also: Garuda Indonesia Posts Rp57 Trillion Profit in the First Half of 2022)

According to the company's financial statements, the largest contributor to the loss was a net foreign exchange loss of US$22.47 million, or Rp341.25 billion, in June 2023.

Operating expenses were also higher, reaching US$1.26 billion, or Rp19.25 trillion, compared to US$1.21 billion, or Rp18.5 trillion, in the previous period.

The increase in expenses was particularly noticeable in several components: operating expenses (US$729.49 million); airport charges (US$97.15 million); ticket sales, and promotion expenses (US$97.69 million); and passenger service expenses (US$80.36 million).

Despite this, the company (GIAA) experienced a 58.54% YoY increase in revenue, reaching US$1.39 billion, or Rp21.19 trillion, in June 2023, compared to US$878.69 million, or Rp13.34 trillion, previously.

All revenue components increased. Scheduled flights reached US$1.10 billion, or Rp16.72 trillion, in June 2023, up from US$677.28 million, or Rp10.28 trillion, YoY.

Non-scheduled flights generated US$142.45 million, or Rp2.16 trillion, in June 2023, compared to US$87.57 million, or Rp1.32 trillion, YoY.

Other revenue amounted to US$151.37 million, or Rp2.29 trillion, in June 2023, compared to US$113.83 million, or Rp1.72 trillion, YoY.

The total assets of this state-owned enterprise (SOE) reached US$6.28 billion (Rp95.37 trillion). Liabilities totaled US$7.89 billion (Rp119.81 trillion), resulting in a negative equity of US$1.61 billion (-Rp24.44 trillion).

(See also: Despite Revenue Increase, Garuda Indonesia Still Records Rp1.61 Trillion Loss in Q1 2023)