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GMFI IDR 78 Updated : 20 May 2022 15:03
GMF managed to record significant improvements in profitability in 3Q21 amid the challenging aviation industry due to the enactment of restrictions on community activities (PPKM) in a number of regions
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Tangerang, December 23rd, 2021 - PT Garuda Maintenance Facility Aero Asia Tbk ("GMF", "ticker code: GMFI") managed to record significant improvements in profitability in 3Q21 amid the challenging aviation industry due to the enactment of restrictions on community activities (PPKM) in a number of regions. This significant improvement is seen in September YTD operating loss that can be suppressed up 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 3Q21 compared to the same period in the previous year. This is contributed by the Company’s measures such as reduced operating expenses, cash flow management, efficiency initiatives, and debt restructuring. Furthermore, GMFI recorded September YTD revenue of MUSD 165.4.

In 3Q21, GMFI's core business performance was still contracted. However, the demand for airframe maintenance has increased, particularly in end-of-lease related projects. In the cargo aircraft segment, GMFI also recorded three new customers from both domestic and abroad. GMF CEO Andi Fahrurrozi said that in addition to focusing on sustainable financial recovery, GMF is also optimizing opportunities from potential segments that are relatively stable or even grow in the midst of a pandemic. "To diversify the business and anticipate the rebound of the aviation industry, GMF is currently developing capability and exploring the potential cooperation with partners," said Andi. These are seen from the several MoU signing between July to September 2021, including with PT Bali Widya Dirgantara (BIFA) in the field of aircraft maintenance, PT Sulzer Indonesia (Sulzer) in the field of industrial and aero-derivative turbine maintenance, and PT Angkasa Pura I (Persero) (AP I) in the field of land management. Furthermore, GMF also managed to develop line maintenance capabilities for the maintenance of Boeing 787 aircraft owned by Japanese airlines, from assist originally to full release.

Currently, GMF is developing capability for the defense industry in an effort to diversify the Company's business. "The development of capabilities in the military segment is in line with GMF's strategic plan to develop aircraft maintenance centers for the defense industry, as well as contribute in maintaining the airworthiness of the nation’s weapon defense system. Moreover, GMF has also obtained a certificate from the Indonesia Defence Airworthiness Authority since the beginning of 2021," said Andi. Currently, GMF is ensuring the readiness of manpower, tools, and equipment for the modernization and replacement of center wing boxes project for C130H aircraft owned by the Indonesian Air Force by the end of 2021. In the future, GMFI also plans to explore the possibility of the capability development for the T56 engine maintenance, as well as the maintenance of C-212 aircraft and helicopters to capture potential in the military segment.