JAKARTA - PT Jakarta International Hotels & Development Tbk (JIHD), the manager of the Borobudur Hotel Group, temporarily suspended MICE (Meeting, Incentive, Convention and Exhibition) services due to the Large-Scale Social Restrictions (PSBB) implemented by the government to stop the spread of COVID-19. This condition may affect its revenue and net profit in the first quarter of this year.
As quoted from the company's disclosure published on Friday (29/5), Hendi Lukman, Corporate Secretary of PT Jakarta International Hotels & Development Tbk (JIHD) said that his party closed its restaurant outlets in hotels and malls. "For the time being, all shops in Pacific Place Jakarta is closed, except for pharmacies, supermarkets and restaurants that provide delivery service," he said.
A number of hotels operating under the Borobudur Hotel Group including the Jakarta Borobudur Hotel, the Ancol Discovery Hotel, the Kartika Plaza Hotel Bali, and the Palace Hotel at Puncak. The company is also the manager of the Jakarta SCBD complex and a number of apartments in the 'golden triangle' at SCBD.
JIHD booked revenue of Rp 349.06 billion in Q1 2020, with most of it came from hotels (47%), followed by real estate (38%), and telecommunications services (15%).
The current condition also affects the company's ability to pay its short-term debts of Rp 138.97 billion. To avoid default, JIHD management proposes rescheduling of payments to its creditors. (LK/AR)