Garuda Indonesia (GIAA) Losses Shrink to US$46 Million in Q1 2026

PT Garuda Indonesia (Persero) Tbk (GIAA) recorded a net loss attributable to the owners of the parent entity of US$46.4 million for the first quarter of 2026. This loss narrowed from US$76.4 million in March 2025.

According to its financial report submitted via disclosures to the Indonesia Stock Exchange (BEI), GIAA’s total operating revenue for the period ending March 2026 reached US$762.3 million, up 5.3% from US$723.5 million in March 2025.

This operating revenue comprised scheduled flights, which increased from US$603.6 million to US$648.1 million, and non-scheduled flights, which declined to US$24.9 million from US$37.9 million. Meanwhile, other revenues rose from US$81.9 million to US$89.2 million.

Furthermore, GIAA’s total operating expenses for the period ending March 2026 fell slightly from US$718.3 million to US$713.2 million. These expenses included flight operating costs, which dipped slightly to US$350.2 million, maintenance and repair costs, which rose marginally to US$159.1 million, airport costs, which increased slightly to US$57.8 million, and passenger service costs, which edged up to US$49.9 million.

Additionally, general and administrative expenses decreased to US$42.01 million. Ticket, sales, and promotion expenses rose slightly to US$45.6 million, hotel operating expenses increased marginally to US$4.85 million, transportation operating expenses went up slightly to US$2.62 million, and network operating expenses fell marginally to US$0.96 million.

GIAA was also burdened by other operating expenses, which increased slightly to US$96.8 million from US$93.9 million as of March 2026. This was due to a net foreign exchange loss of US$1.3 million. However, financial income rose from US$3.3 million to US$9.1 million.

Subsequently, the share of profit from associates fell to US$0.61 million, finance costs decreased to US$104 million, and other net expenses amounted to US$1.2 million.

After deducting the loss before income tax and income tax benefits, GIAA’s net loss for the current first quarter narrowed from US$75.9 million to US$41.6 million.

GIAA’s total liabilities and equity as of March 2026 rose to US$7.5 billion from US$7.4 billion in December 2025.