Jakarta - PT Garuda Maintenance Facility Aero Asia Tbk (GMFI) managed to reduce the current period's loss attributable to owners for the January-September 2021 period by around 75.75% to US$38.94 million from the same period the previous year of US$160.60 million.

The financial report published Monday (29/11), the achievement was supported by the company's ability to reduce various expenses, namely material costs decreased by 38.24 percent to US$40.02 million.

Sub-contracting expenses also decreased by about 65.91% to US$36.93 million, other operating expenses decreased by approximately 42.84%, and depreciation expense decreased by about 0.71% to US$17.98 million.

However, the company's operating income also decreased by around 13.79% to US$165.37 million from US$191.82 million.

GMFI's total assets until September 2021 reached US$491.58 million, with liabilities of US$742.06 million and equity minus US$250.48 million.