Garuda Indonesia adjusts reported 2018 profit to US$175m loss
Garuda Indonesia has released its restated financial results for 2018, adjusting the slender net profit in its initial report to a substantial loss. The restated results reveal a net loss of US$175m for 2018. The carrier had previously reported a profit of $5m for the same period. Garuda recorded a net loss of $213.4m for 2017. After the 2018 results were first released, Indonesian regulators compelled Garuda to revise and refile its results because of errors in the classification of income related to a contract to provide on-board Wi-Fi services on its aircraft. While the restatement did not affect operating income, other income was reduced from $279m to $39m. This also caused changes in other reporting categories. Garuda said that despite the 2018 loss, the airline’s finances are trending in the right direction. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-07-29/sky/garuda-indonesia-adjusts-reported-2018-profit-to-us-175m-loss
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Garuda Indonesia adjusts reported 2018 profit to US$175m loss
Garuda Indonesia has released its restated financial results for 2018, adjusting the slender net profit in its initial report to a substantial loss. The restated results reveal a net loss of US$175m for 2018. The carrier had previously reported a profit of $5m for the same period. Garuda recorded a net loss of $213.4m for 2017. After the 2018 results were first released, Indonesian regulators compelled Garuda to revise and refile its results because of errors in the classification of income related to a contract to provide on-board Wi-Fi services on its aircraft. While the restatement did not affect operating income, other income was reduced from $279m to $39m. This also caused changes in other reporting categories. Garuda said that despite the 2018 loss, the airline’s finances are trending in the right direction. <br/>
