JAKARTA – The loss of PT Garuda Indonesia (Persero) Tbk (GIIA) worsened 32.88% year-on-year (yoy) in the first half (H1) of 2024 to USD 101.65 million from USD 76.50 million seen in H1 2023. This loss still resulted from increased operating expenses, although its revenue improved.

In the H1 2024 Financial Report quoted Tuesday (1/10), GIAA’s revenue was reported growing 18.24% yoy to USD 1.62 billion from USD 1.37 billion seen in H1 2023.

Scheduled flights brought in most of the H1 2024 revenue, contributing USD 1.27 billion, up from USD 1.10 billion in H1 2023. Then, unscheduled flights generated USD 177.86 million, also higher compared to USD 142.45 million, while other services brought in USD 167.57 million, also growing from USD 125.98 million.

In more details, scheduled passenger flights brought in USD 1.20 billion of revenue, up from USD 1.01 billion, while scheduled cargo/document flights brought in USD 75.19 million, down from USD 84.48 million.

Hajj flights also reported higher revenue, up from USD 117.58 million to USD 148.27 million, whereas chartered flights’ revenue soared from USD 24.87 million to USD 29.69 million.

However, on the other hand, this state-owned company reported 23.34% yoy increase in operating expenses to USD 1.53 billion from USD 1.24 billion. Significant surge was recorded in flight operation expenses, followed by repair and maintenance, user charges and station expenses, passenger service expenses, as well as general and administrative expenses.

Meanwhile other operating expenses were seen slipping to USD 201.05 million from USD 237.01 million due to higher gains on forex, finance income, and shares from associates’ net income. (LK/ZH)