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Debt restructuring allows GIAA to score IDR 58 trillion of profit in Q3

04 November 2022 07:29

JAKARTA. PT Garuda Indonesia (Persero) Tbk (GIAA) posted a fantastic number of net profit as of September 2022, reaching USD 3.7 billion or IDR 58 trillion. This achievement was made possible by debt restructuring and payments.

Within the first nine months of 2022, Garuda Indonesia managed to turn in operating revenue of USD 1.5 billion or IDR 23.6 trillion, using JISDOR rate of IDR 15,681 per USD. It was 60.35% higher than the revenue seen in September 2021 of USD 939 million. Scheduled flights contributed the most to the revenue, bringing in USD 1.15 billion, while unscheduled flights generated USD 162.7 million, and other segments sent in USD 185.9 million.

Even though GIAA’s operating expenses decreased 6.12% year-on-year (yoy) to USD 1.8 billion from the initial USD 1.98 billion, it still costed GIAA higher than its IDR 1.5 billion of revenue. Thankfully, the company still managed to book operating revenue from other segments of USD 4.27 billion at the end of September 2022. It actually originated from the debt restructuring process, granting GIAA extra USD 2.85 billion, while the gains from said restructuring process clocked up to USD 1.3 billion.

Said amount of operating revenue from other segments had brought GIAA to score USD 3.7 billion of net profit, equivalent to IDR 58 trillion, in Q3 2022. It was a massive upturn from the loss GIAA suffered in the same period last year of USD 1.6 billion.

GIAA’s assets in September 2022 reportedly amounted to USD 5.8 billion, shrinking from USD 7.19 billion in December 2021. However, the debt restructuring process had cut down its liabilities from USD 13.3 billion in December 2021 to USD 8.29 billion in September 2022. On the other hand, GIAA’s total equity remained negative at USD 2.4 billion in Q3 2022. However, it still improved from minus USD 6.1 billion seen in December 2021. (AM/ZH)

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