PT Garuda Indonesia (Persero) Tbk throughout 2020 recorded a loss for the year attributable to owners of the parent entity of US$2.44 billion, an increase of 6,174% compared to the same period the previous year of US$38.94 million.

Garuda's 2020 annual report published on Friday (23/7) revealed that this increase in losses was triggered by the COVID-19 pandemic which had a significant impact on the company's operations.

Operating revenues decreased by about 67.36% to US$1.49 billion from US$4.57 billion.

This condition stems from the low scheduled flight revenue of around 68.18% to US$2.57 billion and other operating revenues of around 60.97% to US$334.92 million during the pandemic.

Nevertheless, Garuda put the brakes on the pace of operating expenses throughout 2020, which recorded a decrease of 25.87% from US$4.46 billion to US$3.30 billion.

The decline was due to a 35.13% decrease in flight operating expenses to US$895.73