High fuel prices drive 2Q loss at Garuda despite improved load factors and spike in revenues
Garuda Indonesia's string of three consecutive years of profit, which began after its 2007 restructuring, is in jeopardy as the carrier has now recorded losses for two consecutive quarters. But Guruda remains bullish on its medium-term outlook as it continues to rapidly expand revenues, improve load factors, grow its market share and work on turning around the performance of its LCC unit Citilink.
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