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GMF AeroAsia sees dramatic drop in first-half profit

Indonesian MRO firm GMF AeroAsia has posted an operating profit of $7.18 million for the first half of 2019, a significant decrease of 64% compared with the same period a year ago.

Revenue for the six months ended 30 June rose 10% to $223 million, while expenses increased 17% increase to $227 million.

Attributable net profit for the period was $7.83 million, 64% lower from the same time a year ago.

Cash and cash equivalents at the end of the period was $40.8 million, compared with $49.7 million a year earlier.

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