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Garuda Indonesia Group records positive performance in Q1
Garuda recorded $924.9 million in revenue from scheduled flights.
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A Garuda Indonesia aircraft. (Shutterstock.com/e X p o s e)
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aruda Indonesia Group recorded a net income of US$ 19.7 million in the first quarter of 2019. The group – consisting of national flag carrier Garuda Indonesia and its low-cost carrier subsidiary Citilink Indonesia – experienced a $64.3 million loss in the same period last year.
During the first quarter of 2019, Garuda recorded $924.9 million in revenue from scheduled flights, an 11.6 percent growth from the figure in same period last year, Garuda Indonesia corporate secretary Ikhsan Rosan said in a statement recently.
Meanwhile, the ancillary revenue and other revenue from the subsidiary business have increased by 27.5 percent to 171.8 million compared to the same quarter in 2018, he added.
Garuda Indonesia finance director Fuad Rizal attributed the positive performance to its efficiency program, optimization of cost structure and more measurable fuel consumption, which had resulted in more effective fuel expenses.
“The Garuda Indonesia Group also had also renegotiated aircraft leasing costs, which managed to reduce aircraft leasing costs by 30 percent or an equivalent of $60 million,” said Fuad.
Meanwhile, Garuda Indonesia’s operational director, Bambang Adi Surya Angkasa, said the Garuda Indonesia Group had recorded 7.7 million passengers -- consisting of 4.6 million from Garuda Indonesia and 3.1 million from Citilink Indonesia.
Seat load factor (SLF) for Garuda Indonesia improved to 73.3 percent in the first quarter of 2019 from 69.7 percent in the same period of 2018, while the SLF for Citilink Indonesia improved to 77.4 percent from 76.1 percent. (bbn)
