JAKARTA – Despite its declining revenue, PT Garuda Maintenance Facility Aero Asia Tbk (GMF) managed to cut down losses after implementing efficiency strategies to its cost of revenue. The company still suffered from a current year’s loss of USD 10.95 million in H1 2022. However, it was thankfully lower than USD 27.44 million loss recorded in the first half of 2021.
In the Financial Statement of H1 2022 published today (15/9), Andi Fahrurrozi, President Director of GMF Aero Asia, claimed that the company’s revenue indeed declined from USD 114.32 million in H1 2021 to USD 95.80 million.
The repair and overhaul service segment contributed the most to the revenue, bringing in USD 68.24 million. The maintenance then service came second, generating USD 8.43 million. For comparison, in H1 2021, the repair and overhaul segment turned in USD 79.91 million, while the maintenance and other operations scored USD 25.25 million and USD 9.15 million, respectively.
Despite the apparent downturn, the management still successfully cut down its operating loss to USD 6.15 million in H1 2022, much lower than IDR 19.71 million recorded in the operating loss of H1 2021. The efficiency strategy was applied to employee expenses, material expenses, contract expenses, and depreciation, while increasing assets devaluation. Furthermore, the improvement also resulted from the increased financial income and decreased financial expenses. (LK/ZH)