JAKARTA. PT Garuda Indonesia (Persero) Tbk (GIAA) managed to cut down its net loss in the first quarter of 2022 to USD 224.14 million, shrinking 42% year-on-year (yoy), thanks to efficiency in the company’s operating expenses.
Said accomplishment resulted from the cost restructuring scheme, which is one of four strategies implemented by GIAA to keep the business afloat. They consist of financial restructuring, cost restructuring, service improvement, and streamlining business processes. Irfan Setiaputra, President Director of Garuda Indonesia, announced the happy news during the General Shareholders Meeting of GIAA held last Friday, August 12, 2022.
In the first quarter of 2022, Garuda Indonesia as a group recorded a downturn in its loss realisation, arriving at USD 224.14 million. It shrank 42% from the loss in the same period in 2021, which amounted to USD 385.36 million. Said recovery was made possible by the decreased operating expenses in early 2022, which was down 25% from USD 702.17 million in Q1 2021 to USD 526.34 million in Q1 2022.
Operating expenses covered the operational costs of flights, maintenance and service fees, general and administrative expenses, airport expenses, passenger service, as well as operational activities of hotels, transportation, and network. (AM/ZH)