JAKARTA (Yosefardi) – Flag carrier Garuda Indonesia (GIAA) booked net loss of US$10.92 million in the first half ended June 30, 2012, flipped from net profit of US$1.87 million in the corresponding period of 2012.
Garuda Indonesia’s revenue actually improved 14% to US$1.7 billion, but operating expenses also surged from US$1.49 billion to US$1.7 billion, mainly due to higher cost of flight operations, ticketing, sales & promotion, passenger services, user charges & station, and general & administrative expenses.
Garuda Indonesia then posted operating profit of US$14.3 million, down slightly from US$14.4 million in the first half of 2012.
Higher finance costs and lower finance income led to US$2.6 million pre-tax loss against US$12.76 million pre-tax profit in the first half of 2012.
Garuda Indonesia had total assets and equity of US$2.79 billion and US$1.1 billion respectively as at June 30, 2013.
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