Indonesia’s national airline Garuda posted net profits of 515.50 billion rupiah ($59.2 million) in 2010, a 40% drop on the previous year.
Revenue rose 9.4% to 19.5 trillion rupiah and the airline carried 13 million passengers compared to 10.3 million in 2009.
The airline, which raised around $500 million in an initial public offering in February, gave no reason for the dramatic fall in profits but local competition and soaring fuel costs are likely to blame.
The carrier received 23 737-800s and an A330-200 last year and also resumed its flights to Europe in June, 2010 after being barred from entering European airspace for safety reasons.