Garuda Indonesia reports US$51.4m third quarter earnings

Garuda Indonesia booked a net income of US$51.4m through the third quarter 2015, an increase of 123.4% compared to the same period last year when it incurred a loss of US$220.1m. The Company also increased total revenue from US$2.83bn through the third quarter 2014 to US$2.84bn during the same period in 2015. Meanwhile, total expenses dropped from US$3.08bn to $2.72m. “Improvements in the Company’s performance are the result of strategic business development measures being carried out through the ‘Quick Wins’ program, as well as a tight cost efficiency policy that was put into effect at the beginning of the year,” said Arif Wibowo, Garuda Indonesia President and CEO.