Garuda Indonesia has booked a net income of $51.4 million through the third quarter 2015, an increase of 123.4 per cent compared to the same period last year when it incurred a loss of $220.1 million.

Garuda Indonesia president Arif Wibowo said in Jakarta the company also increased total revenue from $2.83 billion through the third quarter 2014 to $2.84 billion during the same period in 2015.

Meanwhile, total expenses dropped from $3.08 billion to $2.72 million.

“Improvements in the Company’s performance are the result of strategic business development measures being carried out through the ‘Quick Wins’ program, as well as a tight cost efficiency policy that was put into effect at the beginning of the year,” he said.

Arif, who is also the chairman of INACA, further explained that this achievement came when the airline industry is facing huge challenges, from a sluggish economy to a number of “force majeures” or natural disasters, such as volcanic eruptions and haze.

Garuda Indonesia carried 17.69 million, comprising 14.51 million domestic passengers and 3.18 million international passengers, through the third quarter 2015, whereas it carried 15.56 million passengers during the same period in 2014.

Its subsidiary, Citilink Indonesia, transported 6.87 million passengers between Jan-Sept 2015, an increase of 28.8 per cent from the 5.33 million passengers carried in the same period in 2014.

Garuda Indonesia and Citilink flight frequency in the domestic and international sectors rose from 165,642 fights in the third quarter of 2014 to 186,105 flights in the same period of 2015.

In addition, Availability Seat Kilometer/ASK increased from 36.9 billion in 2014 to 38.75 billion in 2015.

Through the third quarter 2015, Garuda Indonesia was also able to increase its market share in both the domestic and international markets.

In that time, Garuda Indonesia’s domestic market share increased to 44 per cent from the previous 37 per cent in 2014.

Meanwhile, Garuda’s international market share from Jan-Sept 2015 reached 28 per cent, an improvement from the previous year’s 22 per cent.