Garuda Indonesia Net Profit Falls 50 Pct to IDR515 Billion
JAKARTA, KOMPAS.com - PT Garuda Indonesia Wednesday posted a net profit of 515 billion rupiahs ($59 million) for 2010, a 50% drop from a year earlier, largely due to higher operating costs.
The figure, however, beat Garuda executives' estimates of IDR420 billion to IDR450 billion. The airline said in a filing to the Indonesia Stock Exchange that its revenue rose to IDR19.53 trillion from IDR17.86 trillion in 2009.
Garuda posted a higher operating costs of IDR19.6 trillion, compared with IDR16.94 trillion a year earlier. This created an operating loss of IDR67.16 billion, compared with an operating profit of IDR918 billion a year earlier.
The flag carrier didn't comment on its financial performance, although director Elisa Lumbantoruan said on Jan. 31 that the company will likely book a net profit of over IDR1 trillion this year on rising passenger load factor--the proportion of seats that are filled on its flights.
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