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Jakarta Post

Garuda Indonesia targets to book profit this year

News Desk (The Jakarta Post)
Jakarta
Wed, January 24, 2018

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Garuda Indonesia targets to book profit this year Garuda Indonesia planes are unloaded at Terminal 3 of Soekarno-Hatta International Airport in Tangerang, Banten. (Tempo/Tony Hartawan)

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ational flag carrier Garuda Indonesia's finance and risk management director, Helmi Imam Satriyonohas, has said the company is set to book profit this year, claiming that the company’s operational cost has become more efficient.

He said in Jakarta on Tuesday that cumulatively, the company had suffered losses last year, but it had managed to reduce the whole year's loss since the third quarter.

Meanwhile, the fourth quarter performance is still being audited, he said. “Insya Allah (God willing), in the fourth quarter, we performed well,” he said as reported by kompas.com.

He explained in the first quarter, Garuda had suffered US$99.1 million in loss; in the second quarter, losses increased to $184.7 million; but in the third quarter, it started to book $61.9 million profit.

Regarding the loss in the second quarter, he explained that it was due to $137 million worth of transactions in tax amnesty and the payment of $8 million in fines due to losses in a business competition dispute that was decided by an Australian court.

According to Helmi, Garuda started to book profit in the third quarter because it had managed to implement a number of new strategies and efficiency measures, including positive results in aircraft rental fee negotiation, optimization of both aircraft utilization and routes and the digitization of systems.

“We will continue implementing the strategy and efficiency measures this year with the hopes that we will have better performance. We want to become a company that books profit this year,” he added. (bbn)

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