Garuda sets net profit target of US$8.7 million for 2018

Garuda sets net profit target of US$8.7 million for 2018

Garuda Indonesia (ANTARA PHOTO/Muhammad Iqbal)

Jakarta (ANTARA News) - National flag carrier Garuda Indonesia has set a net profit target of US$8.7 million for 2018.

"We have targeted to book a net profit of $8.7 million, income of $4.9 billion, and assets worth $5.3 billion for 2018," Garuda Indonesia Production Director Puji Nur Handayani noted at a press conference here on Monday.

Last year, Garuda Indonesia had suffered $213.4 million in losses as compared to $9.36 million the year before.

The losses resulted from non-recurring expenses, including payment of $137 million for a tax amnesty program and a fine amounting to $7.5 million in the face of cargo business competition with Australia.

Despite the losses, the company`s operating income last year rose by 8.1 percent to reach $4.2 billion compared with $3.9 billion recorded in the previous year, she remarked.

Garuda Indonesia President Director Pahala Mansury is optimistic that the airline company`s performance would improve in 2018, although it had slowed down at the start of the year due to a slack season.

"We hope that the performance would improve in 2018. In the first quarter, we will likely suffer losses due to a slack season, but for 2018, we will book profit," he added.

Reported by Ade Irma Junida