JAKARTA (Yosefardi) – Flag carrier Garuda Indonesia (GIAA) posted net loss of US$22.3 million in nine months of 2013 against net profit of US$56.06 million in the corresponding period of 2012.
Garuda actually reported higher operating revenues of US$2.68 billion from US$2.39 billion in Jan-Sep 2012. But, flight operation costs grew significantly to US$1.6 billion from US$1.33 billion.
Ticketing, maintenance, passenger services, and hotel operation costs also increased substantially in the period.
Cost of finance, meanwhile, skyrocketed to US$44 million from US$12.7 million, which contributed to the US$22 million loss in the period.