Indonesian national flag carrier reports nearly 900 million USD net loss in H1
Indonesia's national flag carrier Garuda Indonesia reported a net loss of 12.87 trillion rupiah (898.65 million USD) in the first half of this year as the COVID-19 pandemic hit travel-related industries hard.
Indonesian flag carrier Garuda books nearly 900 mln USD net loss in H1. (Source: VNA)
Jakarta (VNA) -- Indonesia's national flag carrier Garuda Indonesia reported a net loss of 12.87 trillion rupiah (898.65 million USD) in the first half of thisyear as the COVID-19 pandemic hit travel-related industries hard.
According to the carrier's latest financial report, the company's revenue during the period dropped 24 percent year on year to 696.8million USD.
After the Government issued an emergency public restrictionorder (PPKM Darurat) in July, Garuda's average daily passenger countplummeted to 2,000, from 12,000 earlier.
The restriction order has been extended and revised many times, inwhich the latest version with some easing is expected to end on September 6.
Garuda's president and director Irfan Setiaputra said the carrier has adopted measures to cut expenses, thus reducing operation costs by 15.9 percent to .3 billion USD in the first half. It is also finalising a scheme on overallrestructuring of the group, including obligations to creditors,organizational governance and development of a more adaptive business model.
Despite the downturn, Garuda will continue to optimize its cargoservices and “unscheduled” flight services to offset losses in the passengertransport segment. In the first half of 2021, Garuda's freight volumeincreased 37.56 percent year-on-year to 152,300 tonnes./.
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Indonesian flag carrier Garuda books nearly 900 mln USD net loss in H1. (Source: VNA) 
