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Garuda Indonesia's 2016 Laba Plunges 88 Percent

23/03/2017 13:16 WIB

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PT Garuda Indonesia's Profit/Loss Statement for the Period 2010-2016

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PT Garuda Indonesia's Profit/Loss Statement for the Period 2010-2016

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In 2016, PT Garuda Indonesia Tbk recorded a profit of US$9.4 million, equivalent to Rp124.5 billion. This figure plummeted 88 percent from the previous year's US$78 million. In fact, Garuda's total revenue in 2016 reached US$3.86 billion, a 1.3 percent increase from US$3.81 billion the previous year. However, a 3.3 percent increase in operating costs to US$3.76 billion resulted in lower-than-expected profits.

Garuda Indonesia's CEO, M. Arif Wibowo, acknowledged that intense competition in airfares, both domestically and internationally, in 2016 significantly reduced yield. The increase in the number of passengers transported throughout 2016 did not automatically boost the company's net profit.

"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."

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Garuda Indonesia's 2016 Laba Plunges 88 Percent

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Garuda Indonesia's 2016 Laba Plunges 88 Percent

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The number of Indonesian State-Owned Enterprises continues to decrease through 2024.

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