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Garuda Indonesia back in the red and outlook uncertain following IPO

Garuda Indonesia returned to the red in 1Q2011 despite impressive revenue and traffic growth and a significant improvement in load factors. In its first financial report as a publicly traded company, Garuda reported an operating loss of IDR259 billion (USD30 million) for 1Q2011 and a net loss of IDR184 billion. Generally the 1Q2011 performance represented an improvement over 1Q2010, when Garuda recorded an operating loss of IDR361 billion, but is disappointing considering Garuda completed what was widely referred to as a turnaround prior to its Feb-2011 initial public offering.

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