The revised 2018 financial statement released on Friday showed that the publicly listed company suffered a net loss of US$175.02 million in 2018, in contrast to the net profit of $5.01 million reported in the controversial balance sheet issued earlier.

In its new 2018 balance sheet, Garuda Indonesia also reported revenue of $4.37 billion, the same as its previous report. However, in the new financial statement, the airline’s other operating revenue totaled $38.9 million, a far cry from the $278.8 million recorded in the troubled report — a difference of $239.9 million.

“We have fulfilled all recommendations from the BPK [Supreme Audit Agency], IDX [Indonesia Stock Exchange] and OJK [Financial Services Authority]. We have carried out everything recommended by the regulators,” said Garuda Indonesia finance and risk management director Fuad Rizal during a briefing in Tangerang, Banten, on Friday.

The OJK and the bourse previously ordered Garuda Indonesia to restate its 2018 financial report after a joint investigation by the Finance Ministry and OJK concluded the airline had published information that did not comply with accounting standards in the financial report.

The investigation was opened after Garuda Indonesia commissioners Chairal Tanjung and Dony Oskaria refused to sign the company’s financial statement owing to the discrepancies.

The OJK and the bourse also slapped several penalties worth hundreds of millions of rupiah each to the company and its board of directors and commissioners who signed the report while the ministry froze the licenses of the public accounting office in charge of auditing the financial report for one year.

Fuad said on Friday his firm had scrapped $239.9 million from other operating income that was the center of the trouble in the previous report. The future income was booked from a 15-year contract with PT Mahata Aero Teknologi to provide in-flight entertainment and Wi-Fi in the aircraft of Garuda’s subsidiary Citilink Indonesia.

The BPK has also ordered Garuda through Citilink Indonesia revoke the contract with PT Mahata Aero Teknologi.

“As the recommendations suggested, we have canceled the contract with Mahata Aero Teknologi, thus the other revenue that was previously recorded from the contract has been erased as it was recommended to us,” Fuad told reporters.

Garuda Indonesia also restated its financial report for the first quarter. In the new statement, the airline recorded a net profit of $19.73 million, a significant increase from a net loss of $64.27 million in the same period last year.

The net profit was sourced from higher revenue from scheduled flight services, which climbed to $924.93 million from $828.49 million in the same period last year. Garuda Indonesia’s other operating revenue rose 27.5 percent year-on-year (yoy) to $171.8 million in the first quarter.

“In the first quarter, we increased our airfares. We also carried out capacity adjustments so that fuel consumption is more measurable and fuel expenses can also be reduced,” Fuad went on to say.

The airline expects to reap $70 million in net profit throughout the year.

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