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Garuda’s year-to-date losses at USD1 billion
Garuda Indonesia Group recorded a $1 billion loss for the first nine months of the year.
It posted a $1.07 billion loss for the three quarters as revenue plunged nearly 68% to just $1.13 billion.
It marks a big reversal from last year’s $122.4 million profit.
Passenger traffic was down 65%, at just eight million passengers year-to-date, the airline said.
It said loadings were still below 50%.
The group, which includes low cost brand Citilink and other tourism and hospitality businesses such as PT Aero Wisata, is expected to post improved numbers for the fourth quarter.
This wass aided by a temporary government stimulus introduced last month, exempting passenger service charges from the price of tickets.
Air travel demand has been slowly rising since domestic travel was permitted again in the summer.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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