Garuda Indonesia posts 89% drop in 2016 profit

[JAKARTA] Indonesian flag carrier PT Garuda Indonesia reported on Wednesday an 89 per cent plunge in 2016 net profit to US$8.07 million compared with a year earlier.

Profit fell from US$76.48 million in 2015, the company's financial statement published in a local newspaper showed.

Revenue from its business operation rose 1.2 per cent last year, while expenses increased 1.7 per cent. Foreign exchange losses of US$19 million as well an increase in financial expenses also hit earnings.

The company will hold a media briefing later on Wednesday on its full-year earnings.

REUTERS