Garuda Indonesia's Revenue Surges, Controlling Q1 Losses
"Garuda Indonesia Records Reduced $131M Loss in Q1 Amidst Strong Revenue Growth from COVID Recovery"
Garuda Indonesia, the Indonesian flag carrier, has reported a consolidated loss of $131 million before tax for the quarter ended 31 March, but it's a significant improvement from the $257 million loss during the same period last year when the airline was still undergoing restructuring. Despite the ongoing pandemic challenges, Garuda's revenues surged from $350 million to $602 million over the last three months due to the resumption of its international network and strong domestic conditions.
In terms of overall loss, Garuda's total comprehensive loss for the quarter amounted to $110 million, compared to $224 million for the same period last year. At the end of March, Garuda's cash and cash equivalents were $428 million, a decline from $521 million at the start of the year, with a negative net cash flow from operations of $24.1 million.
According to Cirium fleets data, the Garuda Indonesia Group airlines currently operate a fleet of 61 aircraft, with 32 of them in storage.
This report reveals Garuda Indonesia's financial performance in the first quarter and highlights its resilience during the pandemic. Despite the reduced loss and strong revenue growth, the airline still faces cash flow challenges that need addressing.