GMF Aeroasia Posted A $31 Million Loss For First Three Months Of 2020
Credit: Buyung Koto (Wikimedia Commons)
GMF Aeroasia has posted a $31 million loss for the first three months of the year, compared with a $3 million profit in the prior-year period.
Hit by Covid-19 disruption to its airline customers, especially former parent Garuda Indonesia, the listed Indonesian maintenance company saw revenues fall and its cash decline to just $3 million from $30 million at the start of the year.
GMF’s main base is at Soekarno-Hatta International Airport near Jakarta. It comprises a 67,000m2 narrowbody maintenance hangar, the largest in the world, as well as a 22,000m2 widebody maintenance hangar, a 23,000m2 light maintenance hangar, and another 23,000m2 hangar with A330 maintenance facilities.