JAKARTA - PT Bukit Uluwatu Villa Tbk (BUVA) reported a 90% revenue plunge in the first quarter of 2020 after having recorded a 49.5% revenue increase in the first quarter of 2019.
According to BUVA Corporate Secretary Benita Sofia, the company's business activities have been hindered due to the coronavirus (COVID-19) pandemic as most of its customers are foreign tourists. "We hope the company's operational activities can return to normal in the next six months," she said.
The company posted a 20%-30% drop in the number of visitors in early March, and has taken efficiency measures including organisational downsizing, improving operating cost efficiency, cutting salaries, halting outsourcing, and loan restructuring. In addition, the company has also suspended the operations of two of its hotels, Alila Ubud and Alila SCBD, while Alila Villas Uluwatu and Alila Manggis--whose occupancy rates have plunged to single-digits--will slash employees' salaries. (ARM/AC/MS)