JAKARTA - PT Waskita Beton Precast Tbk (WSBP) estimates that its revenue and net profit in the first quarter of 2020 will plummet 75%, having recorded Rp 2.20 trillion in revenue and Rp 291.17 billion in net profit in the same period last year.
This was stated by Waskita Beton Corporate Secretary Siti Fathia Maisa Syafurah in a stock exchange filing published on Thursday (28/5). "There are restrictions on the operations of our production plants and projects with shift work, particularly in red zones in Greater Jakarta, Central Java, and East Java," she said.
Currently the company operates 11 precast production plants with a total capacity of 3.7 million tonnes per year. In the past five years, the number of Waskita Beton's customers increased to 87 in 2019 from 30 in 2015.
According to Ms Syafurah, operational restrictions will be extended if the pandemic lasts beyond June 2020. In that case, she said, the company's revenue for the year will drop 75% from Rp 7.46 trillion last year.
The condition will also impact on the company's ability to repay Rp 949.49 billion in current loans. However, the company still has no plan to reduce its workforce which currently consists of 1,343 permanent and temporary employees. (LK/MS)