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Garuda makes net profit of US$77/97 million

Jakarta (ANTARA News) – PT Garuda Indonesia Tbk (GIAA) booked a net profit of US$77.97 million as its current earnings in 2015, compared to losses it accrued the previous year.

In its financial report to the Stock Exchange (BEI) here on Wednesday, the state-owned aviation company stated the companys business earnings in the 2015 accounting year reached US$3.814 billion, down by about 3.01 percent from US$3.933 the year before.

The companys operating expenses in 2015 were recorded as having plunged to US$3.731 billion, compared to US$4.292 billion the year before.

Garudas assets in the 2015 accounting year rose by around 6.32 percent from US$3.113 billion the year before.

The companys president director, Arif Wibowo, said earlier that as part of its efforts to maintain its performance, the company would continue to strive to increase the value of its subsidiaries as a group or individually.

“We have other forces besides Garuda Indonesia as the core airline business. Its Citilink is part of the strategy to dominate domestic as well as regional markets and so the company must expand internationally,” he said.

He said all subsidiaries of PT Garuda Indonesia booked profits, including PT Citilink Indonesia, PT Aero Wisata and PT Gapura Angkasa.

“That is an indication for the market that we continue to improve,” he said.

Source: www.antaranews.com, 18 February 2016