Garuda Indonesia Posts US$142.8 Million Loss in First Half of 2025

September 24, 2025 | 10:42 am

TEMPO.CO, Jakarta - National flag carrier PT Garuda Indonesia has reported a loss of US$142.8 million, or approximately Rp2.3 trillion, for the first semester of 2025. This figure represents an increase in losses compared to the Rp1.6 trillion reported during the same period last year.

According to the financial report for the company listed on the Indonesia Stock Exchange under the ticker GIAA, Garuda's revenue declined to Rp24.9 trillion from Rp26.6 trillion in the first six months of 2025. The majority of this revenue came from scheduled flights, which contributed Rp19.9 trillion, followed by unscheduled flights at Rp3.4 trillion and other sources at Rp2.6 trillion.

Garuda's Financial and Operational Snapshot

The company also reported total liabilities of Rp133.2 trillion and equity of Rp23.3 billion. Total assets as of June 30, 2025, were valued at Rp108.2 trillion, a decrease from Rp109.9 trillion in the previous year.

In an effort to recover from the pandemic's impact, Garuda Indonesia's Commercial Director Reza Aulia Hakim announced a plan to add seven new aircraft to the fleet this year. "This is the largest addition of aircraft for Garuda Indonesia post-pandemic," he stated during a hearing with the House of Representatives' Commission VI on Monday, September 22, 2025.

Garuda has already added five new aircraft this year, bringing its total fleet to 78.

Reza described the impact of the COVID-19 pandemic during 2020-2021 as devastating, citing a significant drop in seat load factor to 31% in 2021, a stark contrast to the 74% recorded in 2019.

The pandemic also created operational challenges, as limited spare part availability in the supply chain forced many aircraft to be temporarily grounded.

Garuda's Strategic Recovery Plan

To address these challenges, the state-owned airline is focusing on a three-pillar strategic recovery program. First, financial and commercial evaluation. The primary goal is to achieve positive equity through cost optimization and leadership.

Secondly, performance acceleration. This pillar involves a comprehensive transformation to accelerate recovery after the PKPU (Debt Suspension) process.

Thirdly, network expansion: The company aims to expand its network by adding to and improving its fleet, forging new partnerships with international airlines, and strengthening its ecosystem by collaborating with Citilink, PT Garuda Maintenance Facility Aero Asia Tbk (GMF), and the Injourney Group.

Alfitria Nefi contributed to the report.

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