GMF AeroAsia continued its loss-making streak for the year, reporting an operating loss of $178 million for the nine months ended 30 September.
This was in contrast to the $24.5 million operating profit it made during the same period last year, and a significant jump from its six-month loss of $99.3 million.
The MRO unit of Garuda Indonesia continued to see takings shrink and costs balloon. Revenue for the period tumbled 48% year on year to $192 million, while expenses saw a 7.2% year-on-year rise to $370 million, led by increases in employee costs and other operating expenses.
GMF posted a net loss of $160 million, reversing the $10.4 million net profit it reported during the same period last year.
The company ended the period with $8.9 million in cash and cash equivalents, compared to $27 million at the start of the year.
As with MROs in the region, GMF has seen a decline in the volume of work done amid the coronavirus crisis, as airlines cut flights and ground large numbers of aircraft.
It has had to diversify its business, and now targets over 10% revenue to come from the industrial gas turbine engine sector.
