JAKARTA. Until September 2022, PT Garuda Indonesia (Persero) Tbk (GIAA) managed to score growth in its current year’s profit of 321% year-on-year (yoy), turning the tide from the loss seen in September last year.
According to the Annual Public Expose of Garuda Indonesia yesterday (27/12), GIAA saw an increase in its consolidated revenue of up to 60% yoy, from USS 939 million to USD 1.5 billion at the end of September 2022. “Meanwhile, the cost of revenue decreased 6% to USD 1.86 billion from the numbers seen in last year of USD 1.98 billion,” Prasetio, Director of Finance and Risk Management, announced further.
According to Prasetio, GIAA as a group had recorded positive cash flow in the first nine months of 2022. “It is caused by the traffic that has been increasing since the COVID-19 crisis has subdued,” he added. Until October 2022, the number of passengers of GIAA was indeed reportedly increasing almost 37% yoy.
“We are being extra cautious in processing the data of increases in flights and passengers. We are determining whether this is the real, representative data, or it contains many revenge travellers,” Irfan Setiaputra, President Director of GIAA, stated. According to him, these revenge travellers, or those who travels a lot post-pandemic isolation, might distort the increasing trend of the number of passengers. (ZH)