KONTAN.CO.ID - JAKARTA. Flag carrier Garuda Indonesia expects to rebound from a 2018 loss to report a $70 million net profit in 2019 after shifting extra capacity to busier routes, its finance director said on Friday. The airline restated its 2018 accounts to report a $175 million loss instead of a previously reported $5 million profit, after a government-imposed review of its accounting practices. The accounting change resulted in a technical breach of debt covenants but lender Export Development Canada provided a waiver and would not take action, finance director Fuad Rizal told reporters.
Garuda Indonesia expects US$ 70 million profit in 2019- finance director
KONTAN.CO.ID - JAKARTA. Flag carrier Garuda Indonesia expects to rebound from a 2018 loss to report a $70 million net profit in 2019 after shifting extra capacity to busier routes, its finance director said on Friday. The airline restated its 2018 accounts to report a $175 million loss instead of a previously reported $5 million profit, after a government-imposed review of its accounting practices. The accounting change resulted in a technical breach of debt covenants but lender Export Development Canada provided a waiver and would not take action, finance director Fuad Rizal told reporters.