INDUSTRY.co.id - Jakarta - PT Garuda Indonesia (Persero) Tbk has converted its debt into capital of PT Citilink Indonesia. This step has been approved by shareholders outside of Citilink AGM. Thus, there is an increase in the company's capital participation to Citilink to amount to 1.812 million shares or worth Rp1, 8 trillion.

"So the presentation of the company's direct ownership in Citilink increased to 99%," said Director of Finance & Risk Management Helmi Imam Satriyono through information disclosure BEI, Monday (30/10/2017).

He added, this transaction is classified as an affiliate transaction, because Citilink is a subsidiary.

As of September 2017, Garuda Indonesia recorded an increase in attributable loss to owners of the parent entity for the period of January-September 2017 of approximately 404.53% or to US $ 222.039 million from US $ 44.009 million in the same period last year.

This is due to the tax burden in the first nine months of this year or approximately US $ 52.960 million from the same period last year pocketing tax benefits of US $ 13.715 million.

The airline's operating expenses also rose 12.83 percent or to US $ 3.235 billion at the end of September 2017 from the same period last year of US $ 2.867 billion.

One contributor to the growing operating expenses is flight operations with an increase of 14.03% or from US $ 1.632 billion as of end September 2017 to US $ 1.861 billion.

In addition, Garuda recorded foreign exchange losses due to the posting of financial statements of US $ 3.598 million as of the end of September 2017 from the same period last year recorded a profit of approximately US $ 16.581 million.