JAKARTA – PT Garuda Indonesia (Persero) Tbk (GIAA) is still not out of the woods as it posted a loss of USD 4.17 billion in 2021, which worsened from USD 2.47 billion loss recorded in 2020.
In its financial statement in December 2021 published earlier today (13/7), the declining performance of this state-owned airline is said to be a result of the COVID-19 pandemic and the increasing costs on non-financial asset depreciation.
The operating profit only clocked up to USD 1.33 billion, decreasing from USD 1.49 billion in 2020. The contribution of the scheduled flight went down to USD 1.04 billion from the initial USD 1.20 billion in 2020. However, non-scheduled flight brought in higher contribution, increasing from USD 77.24 million to USD 88.05 million. Meanwhile, other segment generated less, sliding off from USD 214.41 million to USD 207.47 million.
GIAA managed to apply strict efficiency strategies and, in return, successfully cut down operating expenses from USD 3.30 billion to USD 2.60 billion. However, the non-financial asset depreciation, early contract termination, and other expenses cranked up the other expenses significantly from USD 391.56 million to USD 2.68 billion. (LK/ZH)