Based on the published financial reports of PT Garuda Indonesia (Persero) Tbk, the state-owned airline recorded a profit of US$809,846, or approximately Rp11.34 billion at an exchange rate of Rp14,000 per US dollar, throughout 2018.
However, at the General Meeting of Shareholders (RUPS) in April 2019, two commissioners of the state-owned enterprise (BUMN) with the trading code GIAA disagreed with the 2018 financial report. These commissioners were Chairul Tanjung and Dony Oskaria. They objected to the recognition of revenue from a cooperation agreement between PT Mahata Aero Teknologi and PT Citilink Indonesia, which was still in the form of receivables.
(Read Databoks: How Many Passengers Does Garuda Airlines Have?)
As shown in the graph below, Garuda recorded its highest profit in 2012, reaching US$110.6 million. However, in 2014, it experienced its largest loss of US$370 million, and US$216.58 million in 2017.
(Read Databoks: Citilink Leads Passenger Occupancy Rate in Garuda Group Airlines)