JAKARTA - PT Sona Topas Tourism Industry Tbk (SONA) is facing difficulties to pay its short-term debt, with a total value of Rp 282.37 billion, due to the Large-Scale Social Restrictions (PSBB) policy implemented by the government to overcome the COVID-19 outbreak. Since the policy was put in place at the end of March 2020, the company temporarily stops the operations of its duty-free shops at airports.
Budi Setiawan, Corporate Secretary of SONA said that the shops managed by its subsidiaries at Ngurah Rai Airport, Bali has been closed since 28 March 2020.
Because of this, the company estimates that revenue and net profit will decline by around 25% and 51% YoY in the first quarter of 2020. This condition also forces the company to cut the salaries of 1,200 of its 1,362 employees.
To reduce its operating expenses further, the company is also negotiating with third parties. (LK/AR)