Garuda Indonesia's Performance Remains Under Pressure in 2025, Assets and Equity Improve

JAKARTA, KOMPAS.com – PT Garuda Indonesia (Persero) Tbk (GIAA) continues to record pressured performance throughout 2025 compared to the previous year, although several balance sheet indicators are beginning to show improvement, particularly in terms of assets and equity. Based on the financial report submitted to the Indonesia Stock Exchange, the company booked a net loss of US$319.39 million or approximately Rp5.43 trillion (assuming an exchange rate of Rp17,003 per US dollar). This loss widened compared to 2024, which amounted to US$69.78 million or approximately Rp1.19 trillion. The revenue was supported by scheduled flights amounting to US$2.14 billion or approximately Rp36.39 trillion. Meanwhile, non-scheduled flights contributed US$340.87 million or approximately Rp5.80 trillion, and other revenues amounted to US$361.05 million or approximately Rp6.14 trillion. On the expense side, total operating expenses were recorded at US$3.10 billion or approximately Rp52.71 trillion. Flight operating expenses were the largest contributor at US$1.54 billion or approximately Rp26.18 trillion. Aircraft expenses amounted to US$249.14 million or approximately Rp4.24 trillion, while passenger service expenses were US$216.35 million or approximately Rp3.68 trillion. Amid these pressures, the company’s financial structure shows improvement. As of the end of 2025, Garuda Indonesia’s total assets were recorded at US$7.43 billion or equivalent to Rp126.33 trillion, an increase of approximately US$813 million or about Rp13.83 trillion compared to the previous year, which was US$6.62 billion. On the other hand, the company’s equity turned positive to US$91.91 million or approximately Rp1.56 trillion, from a negative position of US$1.35 billion in 2024, reflecting an improvement of about US$1.44 billion. As a note, Garuda Indonesia’s management targets 2026 as the phase for reversing performance (turnaround) after undergoing a consolidation period throughout 2025. Garuda Indonesia’s President Director, Glenny Kairupan, stated that the company is now focusing on transformation to strengthen business fundamentals.