LOSS OF IDR2 TRILLION, GIAA PRESIDENT DIRECTOR TALKS ABOUT THE PROBLEM

PRESIDENT Director, Irfan Setiaputra of PT Garuda Indonesia Tbk. (GIAA) said that despite a net loss of US$131.22 million or the equivalent of IDR2 trillion until the third quarter of 2024, GIAA still recorded positive earnings before interest, taxes, depreciation and amortization (EBITDA).

“The loss was largely due to the impact of the implementation of the new accounting standards on leases (PSAK 73) accounting standard, which affected the financial statements. The visible losses, if you look at them in detail, are largely due to the accounting treatment under PSAK 73, which regulates the recognition of operational leasing,” Irfan told reporters, quoted on Monday (11/04) 2024.

Irfan stressed that Garuda’s EBITDA was recorded as positive at US$685.81 million, which showed that the company’s operational performance had returned to health. Our EBITDA is 600 million, already profitable and healthy. But this is related to the accounting treatment.

He also revealed that Garuda was discussing the possibility of using alternative accounting methods, which have been allowed since last year, to give a clearer picture of the company’s performance.

“This is the real indicator of the company’s operations. EBITDA is the real measure. As you know, in the first nine months of 2024, GIAA’s operating income increased by 15% to US$2.56 billion compared to the same period in 2023, which was US$2.23 billion,” he said.

He added that the growth in operating income was supported by a 17% year-on-year increase in scheduled flight revenue to US$2.01 billion, while non-scheduled flight revenue also increased by 6% and other revenue also increased by 8% compared to the performance up to the third quarter of 2023

“Meanwhile, GIAA recorded operating expenses of US$2.38 billion through the third quarter of 2002, an increase from US$1.99 billion a year earlier. GIAA recorded a loss attributable to the parent of US$131.22 million. This amount increased from the loss of US$72.38 million recorded in the same period last year,” concluded Irfan. [bisnis.com/photo special]