JAKARTA. The freefalling revenue, combined with the swelling expenses, drives PT Citra Putra Realty Tbk (CLAY) to turn in a net loss of IDR 82.4 billion.
In the information disclosure in Indonesia Stock Exchange, the said hotel business managing company reveals a significant downturn in its performance. It is mostly due to the COVID-19 pandemic that adversely affects the hotel industry, domestically and internationally. In the first half of 2021, CLAY only manages to score IDR 6.6 billion in revenue, shrinking 79.8% from IDR 32.8 billion reported in the first half of 2020.
The income from room rentals rapidly drops from IDR 21.5 billion to IDR 4.2 billion, while food and beverages could only generate IDR 2.3 billion from IDR 10.7 billion last year. The income from other departments also depletes from IDR 520 million to IDR 35.2 million.
These severe losses drag the gross profit down to IDR 11.4 billion, while it still needs to deal with the cost of revenue of IDR 18 billion. Furthermore, its operating expense is reported to reach IDR 39.2 billion, while its financial expense amounts to IDR 40.7 billion. Thus, CLAY is left with a net loss of IDR 82.4 billion.
CLAY’s cash flow also does not do any better, showing a slippage from IDR 25.7 billion to IDR 11.5 billion. (AM/ZH)