TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsGaruda Maintenance Facility cuts loss, looks to defense industry
The publicly listed company, which serves more than 190 customers from dozens of countries, cut its net loss by 75 percent year-on-year (yoy) to US$38.94 million in the January-to-September period.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
P
T Garuda Maintenance Facility Aero Asia (GMF) has significantly slashed its net loss despite the continued hardship in the pandemic-ravaged aviation industry.
The publicly listed company, which serves more than 190 customers from dozens of countries, cut its net loss by 75 percent year-on-year (yoy) to US$38.94 million in the January-to-September period.
The company reported Friday that it had reduced operating expenses, worked on its cash flow, pursued efficiency initiatives and restructured funding facilities, leading to a 94.9 percent improvement in earnings before interest, tax, depreciation and amortization (EBITDA) over the period.
While the company’s core business remained under pressure, GMF recorded growth in demand for airframe maintenance, particularly for end-of-lease-related projects. The company said it had won three new cargo airline customers.
“We are also exploring potential cooperation with partners and developing capabilities in an effort to diversify our business and anticipate a rise of [demand in] the aviation industry,” GMF president director Andi Fahrurrozi was quoted in a press release as saying on Friday.
The Delta wave of the coronavirus hit Indonesia in summer 2021, prompting the government to impose travel restrictions and thereby piling pressure on the aviation industry that has been in a slump early 2020.
Flag carrier PT Garuda Indonesia, which retains a controlling stake in GMF, saw its scheduled passenger flight income drop 48 percent to US$99.8 million in the third quarter from the previous quarter.
Read also: Garuda scheduled flight income slides in Q3
GMF signed in the third quarter a couple of memorandums of understanding (MoUs), namely with PT Bali Widya Dirgantara (BIFA) on aircraft maintenance, PT Sulzer Indonesia (Sulzer) on industrial and aeroderivative turbines maintenance and PT Angkasa Pura I on land management.
The company is also seeking to tap into the defense industry as part of its efforts to diversify. It is currently preparing the workforce, tools and equipment for a project involving the Indonesian Air Force’s C-130H aircraft.
GMF reported it was also planning to review the T56 engine maintenance capability and C-212 aircraft and helicopters.
