JAKARTA - PT Putra Rajawali Kencana Tbk (PURA) has filed for the restructuring of Rp 20.50 billion in current loans to creditors due to a revenue drop of 25%-30% in the first quarter of 2020 during the coronavirus (COVID-19) pandemic.
According to PURA Corporate Secretary Ratna Hidayati, there has been a decline in demand for transportation due to the implementation of large-scale social restrictions. "Our primary business is transportation services, which are part of the supply chain. The impact of COVID-19 has affected the demand for our services from goods owners due to large-scale social restrictions," she said in a stock exchange filing published on Tuesday (2/6).
In response, Ms Hidayati added, the company has requested relaxation of investment debt and interest rates as well as working capital loans. In addition, its commissioners and directors have taken a 50% pay cut.
Ms Hidayati also affirmed that the company's revenue is predicted to drop 50% year on year (yoy) this year, and as a result it is trying to revitalise its fleet in order to perform adequately during the so-called New Normal period. (LK/MS)