Garuda full-year profits surge 56%
Garuda Indonesia achieved a 56.1% jump in full-year profits in 2011.
The Jakarta-based national carrier posted a net profit of IDR808.67 billion (US$87.9 million) last year, compared IDR518.15 billion in 2010. Garuda’s total revenues climbed 39.1% to IDR27.16 trillion.
While the airline’s total operating expenses climbed 33.2% to IDR26.15 trillion, largely due to the airline’s fleet and route expansion, the rising revenues were sufficient to record an operating profit of IDR1.01 trillion. This marks a return to the black for the airline, which experienced an operating loss of IDR67.16 billion in 2010.
Garuda added 15 aircraft to its fleet last year and plans to add a further 22 in 2012.