PT Garuda Indonesia Tbk (GIAA) in the first three months of 2021 recorded an increase in losses attributable to owners of the parent entity by 219.86% to US$ 384.34 million compared to the same period the previous year of US$ 120.16 million.

The financial report released Monday (2/8) showed that the increase in losses was triggered by the low achievement of the company's operating income from US$768.12 million to only US$353.07 million.

Gains from foreign exchange also nearly tripled to US$61.09 million from US$177.04 million.

Nevertheless, Garuda is still able to reduce its operating expenses by around 25.75%, or from US$945.70 million to US$702.17 million.

As for the first quarter of 2021, Garuda's total assets were at US$10.57 billion with liabilities of US$12.9 billion and equity minus US$2.32 billion.