Garuda reports 187% in profit

Garuda reports 187% in profit

Emirsyah Satar. (ANTARA)

"We recorded good performance when the global economy is not conducive."
Jakarta (ANTARA News) - The net profit of the nation`s flag carrier PT Garuda Indonesia Tbk (GIAA), shot up 187 percent to US$30.7 million on-year in the first seven months of the year.

Garuda President Emirsyah Satar described the performance of the publicly trade airline as positive when many other international airlines suffered a decline amid the global economic woes.

"We recorded good performance when the global economy is not conducive," Emirsyah said here on Tuesday.

He attributed the improved performance to growing number of passengers that reached 10.01 million in the January-July period or an increase of 16 percent from the same period last year.

The airline recorded a 13.7 percent rise in income to US$1.7 billion from US$1.49 billion in the same period.

"The income was contributions from Garuda and its airline subsidiary Citilink, which serves domestic flights, not including from other subsidiaries," Emirsyah said.

Its operating profit surged to US$408 million from only US$1.9 million.

Garuda also recorded a strong growth of 13.9 percent in availability seat kilometer (ASK) to 17.78 billion on-year with load factor rising 75.76 percent from 74.98 percent.