Garuda’s Q3 net profit down 12% as higher ex­penses bite

The Sun (Malaysia) - - SUNBIZ -

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

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