Indonesian flag carrier Garuda books nearly 900 mln USD net loss in H1. (Source: VNA) According to the carrier's latest financial report, the company's revenue during the period dropped 24 percent year on year to 696.8 million USD.
After the Government issued an emergency public restriction order (PPKM Darurat) in July, Garuda's average daily passenger count plummeted to 2,000, from 12,000 earlier.
The restriction order has been extended and revised many times, in which 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 overall restructuring 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 cargo services and “unscheduled” flight services to offset losses in the passenger transport segment. In the first half of 2021, Garuda's freight volume increased 37.56 percent year-on-year to 152,300 tonnes./.
VNA
