Garuda’s Q3 net profit down 12% as higher expenses bite
JAKARTA: Indonesian flag carrier PT Garuda Indonesia Tbk reported yesterday a 11.6% fall in third-quarter net profit, mainly due to higher expenses.
State-controlled Garuda posted a net profit of US$19.6 million (RM82.2 million) for the July-September period, down from US$22.1 million a year earlier, according to presentation slides uploaded to its website http://bit. ly/2dUcPvM
Operating revenue rose 9.5% to US$1.1 billion, but total expenses increased 10.9% to US$1.06 billion.
Garuda director Helmi Imam Satriyono told reporters that the increased expenses included the costs of adding more planes and pilots.
Garuda shares were flat yesterday, largely in line with the broader Jakarta stock exchange. – Reuters