Garuda Indonesia narrows Q1 loss on revenue uptick

Garuda Indonesia cut its red ink in Q1, on the back of significant increase in revenue as travel demand picked up. For the three months to 31 March, the SkyTeam carrier reported a pre-tax loss of $131m, narrowing the $257m loss in the year-ago period. Revenue for the quarter was up 72% to $603m, with passenger travel revenue doubling year on year. Quarterly expenses, meanwhile, rose 15% year on year to $605m, led by an increase in costs relating to flight operations as flying activity ramped up. Garuda posted a net loss of $110m, narrowing from the $225m loss reported a year ago. The carrier ended the quarter with $428m in cash and cash equivalents, lower than the $522m at the start of the year, but significantly higher than the year-ago period. Garuda’s restructuring continues apace, after gaining approvals in 2022. The carrier was hit by a series of lawsuits related to aircraft leases in recent months, but stresses that these do not affect its restructuring efforts.<br/>