JAKARTA - PT Garuda Maintenance Facility Aero Asia Tbk (GMFI) managed to record a significant improvement in the profitability aspect in the third quarter of 2021 amidst the dynamics of the aviation industry which is still challenging due to the implementation of restrictions on community activities (PPKM) in a number of areas.
This significant improvement was seen in the September YTD operating loss which could be reduced to 75.7% year on year (YoY). Although still negative, earnings before interest, tax, depreciation and amortization (EBITDA) also showed an improvement of 94.9% at the end of the third quarter of 2021 compared to the same period in the previous year.
In the third quarter of 2021, the overall performance of GMFI's core business is still depressed. However, the airframe maintenance segment experienced an increase in demand for work, especially in the segment of projects related to end-of-lease. In the cargo aircraft maintenance segment, GMFI also recorded the addition of three new customers who are cargo airlines, both at home and abroad.
GMF President Director Andi Fahrurrozi said that in addition to focusing on sustainable financial recovery, his party is also optimizing opportunities from potential segments that tend to be stable or grow in the midst of a pandemic. "We are also exploring potential cooperation with partners and developing capabilities as an effort to diversify our business and anticipate the momentum of the rise of the aviation industry," said Andi.
In the future, GMFI also plans to study the development of the T56 type aircraft engine maintenance capability, as well as the maintenance of C-212 aircraft and helicopters to capture potential in the military segment. (LM)