GMF AeroAsia fell deeper into the red for its half-yearly earnings, on the back of increased expenses and a significant decline in revenue, amid the economic downturn caused by the coronavirus outbreak.
For the six months ended 30 June, the MRO unit of Garuda Indonesia posted an operating loss of $99.3 million, reversing the $7.18 million profit reported the same period last year.
Revenue for the period tumbled 35% to $159 million year on year. Expenses, meanwhile, rose 17.5%, to $267 million, led by increases in employee and other operational costs.
The company also recorded a net loss of $99.3 million for the period, compared to the $7.2 million net profit last year.
As with its quarterly earnings report, GMF flagged cash flow as a key concern. It notes that it is negotiations with potential customers in a bid to improve its revenue in the future, and is requesting for credit restructuring and relaxation of loan rules from banks.