Multi Bintang revenue slips 76% in 2020
JAKARTA - PT Multi Bintang Tbk (MLBI) reported a decline in profit of 76% in 2020. This was due to a decrease in revenue of 47%, from Rp3,711 trillion in 2019 to Rp1,985 trillion in 2020.
"The hospitality sector is one of the worst affected by restrictions such as physical distancing, and until now Indonesia is still closing its doors to foreign tourists. This has also led to a significant reduction in income in Bali, which is one of our main areas,” explained Rene Sanchez Valle, President Director of Multi Bintang Indonesia.
At the end of 2020, Multi Bintang Indonesia posted a decrease in net profit of 76%, from IDR1.206 trillion in 2019 to IDR286 billion in 2020. Even so, the new strategies that the company has implemented since the beginning of the pandemic in the first quarter of 2020 have helped drive performance improvements. which is significant in the last quarter of 2020, when compared to previous quarters.
"We are optimistic that this movement will continue in the following year - we are sure that the various initiatives we have undertaken in 2020 will continue to drive recovery in 2021," explained Rene. (LM)