Focus on Fixing Financial Performance - GMF Aero Asia Optimizing Stable Business Opportunities
By:
Ahmad Nabhani Monday, 27/12/2021
Jakarta - Financial performance hit by the impact of the pandemic became the basis for PT Garuda Maintenance Facility Aero Asia Tbk (GMFI) or GMF Aero Asia to focus on restoring its financial position in a sustainable manner. Potential segments continue to be optimized by the subsidiary of PT Garuda Indonesia Tbk (GIAA).
President Director of PT Garuda Maintenance Facility Aero Asia Tbk, Andi Fahrurrozi in a press release in Jakarta, yesterday said that the company is optimizing potential opportunities that tend to be stable or grow in the midst of a pandemic. In addition, focus on sustainable financial recovery. "We are also exploring the potential for cooperation with partners and developing capabilities as an effort to diversify our business and anticipate the momentum for the rise of the aviation industry," he said.
This effort has also resulted in the signing of a number of memorandums of understanding for the period July to September 2021, including with PT Bali Widya Dirgantara (BIFA) in the field of aircraft maintenance, PT Sulzer Indonesia (Sulzer) in the maintenance of industrial and aeroderivative turbines, and PT Angkasa Pura I. (Persero) (AP I) in the field of land management. Not only that, the issuer of the aircraft repair shop has also succeeded in developing
line maintenance capabilities for the maintenance of Boeing 787 aircraft belonging to a Japanese airline, from being an
assist to a
full release .
According to Andi, the defense industry is a segment that GMFI is currently developing as an effort to diversify the company's business. "The development of capabilities in the
military segment is in line with GMFI's strategic plan to develop a maintenance and maintenance center for defense industrial aircraft, as well as to participate in maintaining the feasibility of Indonesia's defense equipment system. Plus, GMFI has also pocketed a certificate from the Indonesia Defense Airworthiness Authority since early 2021," said Andi.
Currently, GMFI is ensuring the readiness of
manpower, tools, and
equipment for the modernization
project and the replacement of the center wing box for the Indonesian Air Force's C130H aircraft at the end of 2021. In the future, GMFI plans to review 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.
In the third quarter of 2021, the company managed to record a significant improvement in profitability. In fact, the dynamics of the aviation industry are still being challenged due to the implementation of restrictions on community activities (PPKM) in a number of areas. This significant improvement was reflected in the year to date (ytd) September operating loss which could be reduced to 75.7%
year on year (YoY). Although still negative, EBITDA also showed an improvement of 94.9% at the end of the third quarter of 2021 compared to the same period the previous year.
The improvement in EBITDA was contributed from reduced operating expenses, cash flow management, efficiency initiatives, and restructuring of funding facilities carried out by the company. Meanwhile, GMFI's operating income from January to September 2021 was recorded at US$ 165.4 million. In the third quarter of 2021, the overall performance of GMFI's core business is also still depressed. Even so, the
airframe maintenance segment experienced an increase in job demand, especially in the segment of projects related to
end-of-lease. In the cargo aircraft maintenance segment, GMFI recorded the addition of three new customers who are cargo airlines, both at home and abroad.
www.neraca.co.id
