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Soar Like a Garuda

Garuda Q3 Profits Up 51.55%

(10/27/2012) Garuda Indonesia has ended Q3 2012 with a US$56.06 million dollar profit, increasing 51.55% from the same period last year when a US$36.99 profit was booked.

According to the State News Agency Antara, a published reports submitted to the press by Garuda’s CEO Emirsyah Satar stated that the improved profitability is being driven by an increase in revenues to US$2.38 billion, up from US$2.08 billion through the end of Q3 2012.

Explained Satar: “The Company’s income is comprised of revenues from scheduled flights totaling US$2.12 billion dollars; unscheduled flights totaling US$60.54 million and other income of US$196.32 million dollars.”

In concert with the increase in company revenues, the expenses of the company have also increased to US$2.29 billion through Q3 2012, compared to US$2.04 billion in 2011.

The company’s profit has undergone a significant improvement in Q3 2012 to US$92.75 million, from just US$38.59 billion in 2011.

Through the end of September 2012, the Indonesian Stock Exchange (GIAA) books total assets of the company at US$2.2 billion, increasing from US$2.07 billion shown as of December 31, 2011.