Indonesian MRO firm GMF AeroAsia saw its nine-month profit nosediving 37% to $24.5 million, as a result of higher operating expenses.
For the nine months ended 30 September, the MRO arm of Garuda Indonesia saw its revenue rise by 10.4% to $370 million.
However, the rise in expenditure outpaced revenue growth, increasing 16.7% year-on-year to $345 million. Large increases in subcontracting and material expenses contributed to the higher amount for 2019.
Net profit for the period took a dramatic dip with a 65% fall to $9.4 million.
The firm ended the period with visibly lesser cash and cash equivalents — $36 million on 30 September, down from the $93.4 million it had last year.
GMF AeroAsia did not provide a discussion for its results to date.