Indonesia's national airline Garuda Indonesia reported a net loss of $283.8 million during the first half of 2017 due to a tax amnesty hit and the weak performance at its operations. (JG Photo/Dion Bisara)

Garuda Indonesia Posts First-Half Loss, Seeks Waiver for Some Bond Terms

JULY 27, 2017

Jakarta. Indonesia's national airline Garuda Indonesia reported a net loss of $283.8 million during the first half of 2017 due to a tax amnesty hit and the weak performance at its operations.

In a filing to the Singapore stock exchange, the state-controlled carrier sought consent to amend certain terms on its $500 million global sukuk bonds due 2020 because of its poor financial result.

For the six months ended June 30, $138.3 million of the net loss was due to the cost incurred for taking part in Indonesia's tax amnesty scheme, while the rest was related to operations, Garuda said.

Garuda's director of finance and risk management, Helmi Imam Satriyono, confirmed the loss. The airline was expected to report its first-half financial results in Jakarta later on Thursday (27/07).

Reuters

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