JAKARTA: State-controlled carrier PT Garuda Indonesia (Persero) Tbk posted a second quarter net losses due to rising fuel prices.
Garuda Indonesia booked a net loss of IDR187.31 billion in the first six months of the year, compared with a net profit of IDR55.69 billion in the same period of 2010.It recorded an operating loss of IDR340.79 billion despite a 44.3% growth in passenger numbers.The companys revenue jumped 44.58% to IDR11.22 trillion, compared with revenue of IDR7.76 trillion in the second quarter last year.However, earnings were hammered by a 69.5% year on year jump in fuel prices. The company spent IDR11.56 trillion in operating expenses, grew 40.58%.The GIAA-coded stock declined 3.85% or IDR20 to IDR500 as of 2.32 p.m. local time in Jakarta trading. Garuda Indonesias shares dropped 33.33% from IDR750 as its first trading debut at February 2, 2011. (msw)
