JAKARTA - PT Garuda Indonesia (Persero) Tbk (GIAA) managed to continuously lower its loss in the first quarters of the past three years. Until Q1 2023, the loss arrived at USD 110.03 million, down from USD 224.14 million of loss in the same period last year.

In Q1 2023 Financial Report of GIAA quoted today (3/5), Irfan Setiaputra, President Director of Garuda Indonesia, said that the revenue grew 72.20% year-on-year (yoy) to USD 602.99 million from USD 350.15 million recorded in Q1 2022. The revenue came from scheduled flights of USD 506.82 million, also increasing from USD 270.57 million in Q1 2022, followed by unscheduled flights of USD 12.81 million that declined from USD 24.07 million, and other segments that increased from USD 55.50 million to USD 83.35 million.

GIAA’s operating expenses in this period were USD 605.18 million, much higher than USD 526.33 million seen in Q1 2022. However, the proportion to the operating revenue in Q1 2023 was still lower than the proportion of expenses to revenue in the same period last year. The loss before taxes was at USD 131.42 million in Q1 2023, much lower than USD 257.16 million in the first quarter of 2022.

In Q1 2021, the operating revenue reportedly arrived at USD 353.07 million, whereas its operating expenses were USD 702.17 million. Meanwhile, the loss before taxes in said period, as well as its net loss, were at USD 430.66 million and USD 385.35 million. (LK/ZH)