JAKARTA - PT Pemeringkat Efek Indonesia (Pefindo) has downgraded the outlook of PT Jaya Bersama Indo Tbk (DUCK), which runs The Duck King Chinese restaurant chain, to 'negative' from 'stable' as the coronavirus (COVID-19) pandemic continues to impact on the company's performance.
In an official statement on Wednesday (6/5), Pefindo analysts Christyanto Wijaya and Ayuningtyas Nur Paramitasari said the company has been significantly affected by the pandemic and forced to temporarily shut all outlets. "We predict that DUCK will post lower revenue and EBITDA than initially projected for 2020," they wrote.
According to Pefindo, in March 2020 the company's sales plunged 50% from previous months. DUCK operates a number of restaurant chains including The Duck King, Fook Yew, Panda Bowl, Imperial Chef, The Grand Duck King, The Grand Duck King Signatures, and The Duck King Noodle and Kitchen. (ARM/MS)