National flagship carrier Garuda Indonesia has announced positive financial outcomes in the first two months of 2015, following a net loss of 373 million USD last year.

The airline reported a combined profit of 3 million USD in January and February, opposing a 77.4 million USD loss in February alone last year.

The volume of passengers grew 15 percent in January and 10.8 percent in February to an average of over 1.7 million travellers.

The growths have marked improvements after a turbulent 2014 for the carrier, said Garuda Indonesia President Director Arif Wibowo.

He believed the weakening of the rupiah against the USD, soaring fuel prices, which hit a record high last year, and difficult regulatory conditions squeezed its annual revenue.

Garuda’s Finance and Risk Management Director I Gusti Ngurah Askhara Danadiputra said that the strengthening of the US currency and unstable fuel prices necessitate a review of the airline’s currency and fuel hedging strategies.

The firm will improve its revenue strategies by closing less profitable routes, delaying the opening of new routes and shifting its focus on expansions in China and the Middle East this year, he added.

Its costs will be also restructured to increase efficiency without lowering service quality, he stressed.

Through these changes, Garuda expects to save around 147 million USD this year, separate from another 172.25 million USD in forecasted savings, owing to dropping global oil prices and reduced fuel costs.-VNA