Garuda Indonesia Posts USD 9.36mn Profit

Flag carrier PT Garuda Indonesia (Persero) posted a net profit of USD 9.36 million, or IDR 124.5 billion, as of the end of 2016, as flight frequency increases by 9.89 percent to 274,969 flights from 249,974 in 2015.

“The increase in flight frequency was in line with the company’s effort to expand both domestic and international flights,” Garuda Indonesia Vice President of Corporate Communication Benny S. Butarbutar said in a written statement received in Jakarta on Wednesday, April 12, 2017.

In 2016, the company carried 35 million passengers by both Garuda Indonesia and its subsidiary Citilink Indonesia. Garuda Indonesia Group also recorded increase in ancillary revenue, strategic business unit (SBU) revenue, as well as other sectors at US$392 million or a 13.7 percent increase compared to 2015 at US$344.4 million.

The press release stated that Garuda Indonesia’s on time performance (OTP) in 2016 was recorded at 89.51 percent, an increase compared to the previous year at 88 percent. The OTP figure was achieved despite challenges in developing aviation operational infrastructures, such as service migration to newly opened Terminal 3 of Soekarno-Hatta Airport and weather-related force majeure.

The average occupancy rate in 2016 was 73.1 percent for Garuda and 76.8 percent for Citilink. As for air cargo business, Garuda Indonesia managed to improve air cargo transport to 415.824 tons, or an 18.22 percent increase compared to 2015 at 351.724 tons.

All in all, the total air cargo revenue in 2016 amounted to US$219.15 million or a 16.65 percent increase compared to 2015 at US$187.87 million. In 2016, Garuda Indonesia Group added its flight capacity as part of fleet revitalization by purchasing 17 aircraft, namely four ATR 72-600 aircraft, four A330-300 aircraft, one B777-300ER aircraft and eight A330-200 aircraft. As such, as of the end of 2016, Garuda Indonesia Group operates 196 aircraft with an average age of 4.6 years.