JAKARTA - PT Garuda Indonesia (Persero) Tbk (GIAA) estimates that its revenue will decline by 33% YoY in Q1 2020, due to declining passenger numbers and ticket selling prices.
Usually, revenue from passengers accounts for 80% of the company's total revenue. This condition forces the company to reduce ASK (available seat kilometer) and flight frequency, as reported by GIAA management.
Prohibition to travel caused by large-scale social restrictions (PSBB) in various main destinations resulted in a drastic decline in the number of passengers. The weakening purchasing power due to the weakening of the national economy also affects the company's revenue even further. (ARM/AC/AR)