GMF records 13% growth in revenue, 15.3% in profit

EMITEN - JAKARTA. PT Garuda Maintenance Facility (GMF) Aero Asia recorded a 13% growth in revenue to US$439.3 million in 2017 from $388.7 million the previous year, according to a company press statement received on Thursday.

Meanwhile, the net profit of GMF, a subsidiary of national flag carrier PT Garuda Indonesia, which runs airplane maintenance, repair and overhaul (MRO), also grew by 15.3% to $50.9 million in 2017 from $42.2 million in 2016.

“It proves that GMF is consistent in its effort to increase both revenue and profit,” said GMF president director Iwan Joeniarto in the statement, adding that the revenue increase was supported by all of its business lines with the three businesses as the largest contributors.

Iwan explained that the component repair business contributed 31% to the total revenue, the largest contributor, followed by its base maintenance business (22%) and engine maintenance (19%).

“The better performance was also supported by the corporate effort to continuously improve efficiency,” Iwan said, adding that GMF’s total assets also increased by 22% from $442.6 million in 2016 to $539.2 million in 2017.

Iwan said GMF had also recorded a number of new contracts in 2017 from both domestic and international aviation companies. “In 2017, we recorded an 83% increase in business volume from international customers,” he added.