Holiday Ayo - Aircraft repair shop issuer PT Garuda Maintenance Facility Aero Asia Tbk. (GMFI) or GMF AeroAsia recorded a profit attributable to owners of the parent entity of US$20.27 million (IDR 322.86 billion) throughout 2023.

This amount rose 467.68% on an annual basis (yoy) from the previous year of US$3.57 million. The increase in bottom line performance cannot be separated from the increase in top line performance.

Citing its financial report, GMFI recorded revenue of US$373.20 million (IDR 5.94 trillion) throughout 2023, up 56.34% yoy from the previous year of US$238.70 million. 

If detailed, the revenue came from repairs and overhauls amounting to US$288.31 million at the end of last year, up 64.93% yoy.

From maintenance revenue it was recorded at US$65.27 million, up 47.82% yoy. Meanwhile, other operating income fell slightly by 0.76 yoy to US$19.62 million.

Along with this increase, a number of operating expenses were also recorded to increase in 2023. For example, employee expenses were recorded at US$101.48 from previously US$95.23 million, material expenses became US$97.79 million from previously US$58.06 million, Subcontract expenses increased to US$105.61 million from US$46.57 million. 

Total operating expenses in 2023 were recorded at US$27.70 million (IDR 441.08 billion), an increase of 11.39% yoy from the previous US$24.86 million.

Meanwhile, the total liabilities of this subsidiary of Garuda Indonesia (GIAA) were recorded to have increased to US$761.18 million at the end of last year. 

Meanwhile, the amount of equity which was minus US$331.02 million in 2022, has shrunk to minus US$311.16 million. Total assets also increased to US$450.02 in 2023, from US$390.65 million a year earlier.