Shares of PT Garuda Indonesia (Persero) Tbk (GIAA) surged at the open of trading this morning, Thursday, March 26th. The state-owned airline rose sharply, nearly triggering an auto-reject upper limit.
According to trading data from RTI Business at 9:35 AM local time, Garuda shares increased 21.92% to IDR 89 per share. At the opening bell, shares of the state-owned enterprise even briefly reached a price of IDR 96 per share.
This morning, Garuda’s trading volume totaled 769.84 million shares with a transaction value of IDR 71.80 billion. The frequency of shares traded since the start of trading was 18,510 times.
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Garuda officially exited the special monitoring board, or Full Call Auction (FCA), today. The airline had been placed on the special monitoring board due to negative equity in its latest financial statements.
According to the 2025 financial report, total equity amounted to USD $91.91 million, or approximately IDR 1.5 trillion, as of December 31, 2025. Yet, Garuda’s losses increased throughout 2025.
Garuda’s Losses Reach Rp 5 Trillion
Garuda reported a net loss of USD $319.39 million, or approximately IDR 5.39 trillion, for the full year 2025. This figure represents an increase compared to the same period the previous year, which was USD $69.77 million.
Throughout 2025, Garuda Indonesia recorded business revenue of USD $3.21 billion, or approximately IDR 54.22 trillion, down from USD $3.41 billion, or approximately IDR 57.60 trillion, in 2024.
Garuda Indonesia’s business revenue was supported by scheduled flights totaling USD $2.14 billion. Non-scheduled flights generated USD $340.87 million, while other revenue totaled USD $361.05.
Total operating expenses for Garuda Indonesia amounted to USD $3.10 billion throughout 2025. The majority of operating expenses were attributed to flight operational costs, which totaled USD $1.54 billion.
Maintenance and repair expenses also contributed USD $661.36 million. Airport charges and passenger service costs accounted for USD $249.14 million and USD $216.35 million of total operating expenses, respectively, throughout 2025.
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