Garuda Indonesia Sets Net Profit Target of US$8.7 Million for 2018

ACCORDING to Garuda Indonesia Production Director Puji Nur Handayani said Garuda Indonesia has set a net profit target of US$8.7 million for 2018.

"We have targeted to book a net profit of US$8.7 million, income of US$4.9 billion, and assets worth US$5.3 billion for 2018. Last year, Garuda Indonesia had suffered US$213.4 million in losses as compared to US$9.36 million the year before,” she said

She also noted that the losses resulted from non-recurring expenses, including payment of US$137 million for a tax amnesty program and a fine amounting to US$7.5 million in the face of cargo business competition with Australia.

“Despite the losses, the company's operating income last year rose by 8.1 percent to reach US$4.2 billion compared with US$3.9 billion recorded in the previous year,” she remarked.

Meanwhile Garuda Indonesia President Director Pahala Mansury is optimistic that the airline company`s performance would improve in 2018, although it had slowed down at the start of the year due to a slack season.

"We hope that the performance would improve in 2018. In the first quarter, we will likely suffer losses due to a slack season, but for 2018, we will book profit," he added. [antaranews/photo special]