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Garuda Indonesia books 18% annual revenue growth in Q1
Indonesia’s flag carrier has reported revenue of US$711.98 million for the first quarter of 2024, marking an 18.07 percent increase over a one-year period.
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Touching down: A Garuda Indonesia Airbus A330 lands at Sultan Iskandar Muda International Airport in Blang Bintang, Aceh, on July 13, 2021. (AFP/Chaideer Mahyuddin)
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aruda Indonesia has reported revenue of US$711.98 million for the first quarter of 2024, marking an 18.07 percent increase over a one-year period thanks to higher demand for air travel.
Growth at the Indonesian flag carrier was largely supported by scheduled flight revenue, which rose 18.19 percent year-on-year (yoy) increase to $599 million, according to a press release issued by the airline on Wednesday.
Garuda Indonesia president director Irfan Setiaputra said the firm would continue to strengthen its business fundamentals by increasing capacity and margins.
“We will strengthen our business portfolio by [various means, including] expanding the flight network, increasing passenger traffic, optimizing revenue from ancillary services and implementing cost leadership on an ongoing basis,” he was quoted as saying in the statement.
Nonscheduled flights increased 53.57 percent yoy to $19.67 million, while other revenue lines recorded an 11.92 percent growth to $92.28 million.
The company recorded a net loss of $86.82 million in the first quarter amid a low season in the aviation industry. The figure was down 21.1 percent from the $110.04 million loss recorded in the equivalent quarter of last year.
Read also: Garuda says merger with InJourney may happen this year
