October 31, 2025 | 10:05 pm
TEMPO.CO, Jakarta – National flag carrier Garuda Indonesia (GIAA), recorded a net loss of US$180.7 million or Rp3 trillion (at an exchange rate of Rp16,654 per US Dollar) in the third quarter of 2025. This figure represents an increase from the loss of US$129.6 million or Rp2.1 trillion recorded in the same period last year.
According to its financial report submitted to the Indonesia Stock Exchange on Friday, October 31, 2025, Garuda Indonesia reported total business revenue of US$2.3 billion or Rp38.3 trillion. This revenue marks a decline from Rp41.6 trillion in the same period last year.
Garuda's revenue streams originated from scheduled flights, totaling US$1.8 billion or Rp29.9 trillion; charter flights at US$299.5 million; and other sources amounting to US$245.8 million.
Meanwhile, Garuda's operating expenses amounted to US$2.2 billion, down slightly from US$2.3 billion in the same period last year. As of September 30, 2025, Garuda's total assets stood at US$6.7 billion. However, its equity remained negative at US$1.5 billion, with total liabilities recorded at US$8.2 billion.
In the first half of 2025, Garuda reported a loss of US$142.8 million or Rp2.3 trillion, which is higher than the previous year's loss of Rp1.6 trillion.
By the end of the year, the Investment Management Agency of Anagata Nusantara (Danantara) is scheduled to inject US$1.8 billion or around Rp29.8 trillion in capital. This fund will be disbursed after obtaining approval at an Extraordinary General Meeting of Shareholders on Wednesday, November 12, 2025.
During the meeting, the management also plans to allocate 50% of the net asset value for the transfer and write-off of assets such as aircraft, unused aircraft, Low Value Assets (LVA), and Unit Load Devices (ULD). Furthermore, the management will seek approval for Garuda Indonesia's long-term corporate plan (RJPP).
This capital injection is deemed critical because Garuda is estimated to have not yet recorded positive equity until November 2025. This negative equity status hinders access to external funding and raises the potential for delisting from the Indonesia Stock Exchange. Additionally, Garuda is under pressure due to ongoing aircraft maintenance and restoration efforts, which have contributed to the performance decline of the company and its subsidiary, Citilink.
Of the total Rp29.8 trillion fund provided by Danantara, Garuda Indonesia plans to strategically allocate the capital: 29% for aircraft maintenance and repairs, 37% for capital improvement for Citilink, 22% for fleet expansion for both Garuda and Citilink, and 12% for repaying outstanding debts to PT Pertamina (Persero) for the purchase of aviation fuel (avtur).
Editor's Choice: Luhut Claims Whoosh Can Now Cover Operating Costs
Click here to get the latest news updates from Tempo on Google News
Luhut Claims Whoosh Can Now Cover Operating Costs
50 menit lalu
The National Economic Council Chair said the Jakarta-Bandung high-speed train or Whoosh has a significant economic impact on the region it serves.
Vale Indonesia Posts Rp886.3 Billion Profit in Q3 2025
1 hari lalu
In September, Vale announced that Danantara expressed interest in investing in three of the company's nickel processing facility projects.
Bank Mandiri Requests Additional Budget Funds After Fully Absorbing Rp55tn Injection
6 hari lalu
Bank Mandiri has reportedly fully absorbed the government funds recently injected from Bank Indonesia.
Over 200 Investors Keen to Invest in Indonesia's Waste-to-Energy Project
7 hari lalu
Danantara is currently selecting investors to join the project.
The Risks Behind Danantara's Move to Enter Indonesian Capital Market
7 hari lalu
The plan for Danantara to enter the stock market is not new, as in April, it opened opportunities to become a liquidity provider in the capital market.
Today's Top 3 News: Jonatan Christie Knocked Out as Alwi Farhan Reaches Quarterfinals
7 hari lalu
Here is the list of the top 3 news on Tempo English today.
China Reaffirms Support for Indonesia's Whoosh High-Speed Rail Amid Debt Talks
7 hari lalu
A Chinese spokesperson said that Whoosh, Southeast Asia's first high-speed rail, has shown positive results since beginning operations two years ago.
Indonesia's HM Sampoerna Acquires Rp500 Billion in Patriot Bonds
7 hari lalu
Secretary of HM Sampoerna Company Andy Revianto stated that the investment in this debt securities accounts for 1.76 percent of the company's equity in 2024.
Danantara and SOEs Potential Collision of Interests
7 hari lalu
The Prabowo administration revised the State-Owned Enterprises or SOEs Law twice in a year. Extending the bureaucratic chain.
Chinese Ambassador Deems Indonesia's High-Speed Rail Debt Talks 'Reasonable'
7 hari lalu
Chinese Ambassador Wang Lutong expressed the Chinese government's pride in the performance of the Jakarta-Bandung High-Speed Rail or Whoosh service.
