Garuda Indonesia Posts Revenue of USD 711.98 Mn in Q1 2024

TEMPO.CO, Jakarta - National flag carrier PT Garuda Indonesia recorded a surge in revenue growth of up to 18.07 percent, amounting to US$711.98 million, compared to the same period last year.

Irfan Saputra, the airline’s president director, detailed that Garuda's revenue came from scheduled flights, which amounted to US$599.01 million or an 18.19 percent increase compared to the first quarter of 2023, and non-scheduled flights, which showed a significant increase of 53.57% compared to US$19.65 million last year.

“Other income also showed consistent growth of 11.92 percent to US$92.28 million,” he said in a written statement, on Wednesday, May 1.

Despite the impressive revenue growth, Garuda Indonesia recorded a net loss of US$86.82 million in the first quarter of 2024, a decrease of 21.10% compared to last year's loss of US$110.04 million.

According to him, the surge in revenue was such an achievement, given that the first quarter is known as the off-season period for the airline industry. “We continue to optimize steps to enhance business performance by strengthening the company's performance fundamentals, one of which is through increasing production capacity and margins,” Irfan explained.

Throughout the first quarter of 2024, Garuda Indonesia and its subsidiary, Citilink, recorded serving 39,000 flights, which was an increase of 15 percent compared to the flight frequency in the first quarter of 2023.

NOVALI PANJI NUGROHO

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