Restated 2018 Financial Report Shows Garuda Loss of US$175 Million

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Dwi Hadya Jayani 26/07/2019 13:56 WIB

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Before its restructuring, Garuda recorded a 2018 net profit of US$5 million.

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Restated 2018 Financial Report Shows Garuda Loss of US$175 Million

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Garuda Indonesia's 2018 Profit/Loss

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Garuda Indonesia Tbk (GIAA) reported a full-year loss of US$175 million, or approximately Rp 2.4 trillion, in 2018 after restating its financial statements as requested by the Financial Services Authority (OJK). Before the restatement, Garuda reported a full-year profit of US$5 million in 2018.

The restatement was conducted because the OJK identified irregularities in the cooperation between Garuda's subsidiary, PT Citilink Indonesia, and PT Mahata Aero Teknologi. This cooperation agreement was subsequently canceled. In 2017, Garuda recorded a loss of US$213 million.

(Read Databoks: Garuda's Performance Under Pressure from Soaring Operating Costs)

Editor : Hari Widowati

"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."