Receh.in - PT Garuda Indonesia Tbk (GIAA) reported a net profit of USD 3.69 billion for the third quarter of 2022, a significant increase of 321% compared to the net loss of USD 1.66 billion in the same period in 2021.
According to Mitra Piranti, VP Corporate Secretary of GIAA, the company was able to reduce the negative gap between revenue and costs since September 2021 through a combination of factors, including an increase in passenger revenue following the relaxation of mobility restrictions, cost efficiencies implemented by management, and financial restructuring efforts.
Miranti explained that the net profit was also the result of income from debt restructuring, following the approval of a peace agreement in the PKPU process of the company, which improved equity. GIAA's revenue for the third quarter of 2022 was recorded at USD 1.5 billion, a 60% increase compared to the previous year, while operating expenses were recorded at USD 1.85 billion, a 6% decrease.
This resulted in a gross profit of USD 3.91 billion for the third quarter of 2022, a significant increase of 321% compared to the gross loss of USD 1.77 billion in the same period in 2021.
GIAA's total assets reached USD 5.88 billion in the third quarter of 2022, a decrease of 18% compared to the previous year. As of September 30, 2022, the company's total liabilities were recorded at USD 8.29 billion, down from USD 12.30 billion in September 2021.
Meanwhile, total equity for the third quarter of 2022 was recorded as a deficit of USD 2.41 billion, an increase from the deficit of USD 6.11 billion in September 2021.
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