Revenue Rises, Garuda Indonesia (GIAA) Reduces Losses in Early 2026

JAKARTA, KOMPAS.com — Airline PT Garuda Indonesia (Persero) Tbk (GIAA) began 2026 with an improvement in financial performance. This is marked by revenue growth and a reduction in net losses in the first quarter of 2026, although pressures from financial burdens and liability structures continue to loom. Based on the interim consolidated financial report as of 31 March 2026, quoted from the Indonesia Stock Exchange (BEI) website on Thursday (23/4/2026), Garuda recorded operating revenue of US$762.35 million or approximately Rp13.14 trillion (assuming an exchange rate of Rp17,240 per US dollar). This revenue growth was mainly supported by scheduled flight operations, reaching US$648.10 million or approximately Rp11.17 trillion, an increase from US$603.69 million or approximately Rp10.41 trillion in the first quarter of 2025. Meanwhile, non-scheduled flight revenue was recorded at US$24.98 million or approximately Rp430.66 billion, down from US$37.96 million or approximately Rp654.43 billion. Other revenue also increased to US$89.27 million or approximately Rp1.54 trillion, compared to US$81.91 million or approximately Rp1.41 trillion in the same period last year. Garuda Indonesia’s loss figures improved compared to the US$75.93 million or approximately Rp1.31 trillion loss in the first quarter of 2025. The reduction in losses is also reflected in the pre-income tax loss, which decreased from US$88.74 million or approximately Rp1.53 trillion to US$47.72 million or approximately Rp822.29 billion. This improvement occurred alongside better control of operating expenses. Garuda’s total operating expenses fell to US$713.22 million or approximately Rp12.29 trillion from US$718.36 million or approximately Rp12.39 trillion in the first quarter of 2025. However, not all expense items experienced a decline. Maintenance and repair expenses rose to US$159.14 million or approximately Rp2.74 trillion from the previous US$156.19 million or approximately Rp2.69 trillion. Airport fees also increased to US$57.84 million or approximately Rp997.16 billion from US$54.05 million or approximately Rp931.42 billion. Meanwhile, ticket, sales, and promotion expenses rose to US$45.64 million or approximately Rp786.83 billion, from the previous US$40.15 million or approximately Rp692.19 billion.