JAKARTA - PT Indonesian Prima Property Tbk (OMRE) is facing difficulties to pay its short-term interest obligations of Rp 146 billion due to the partial shutdown of its operations due to the COVID-19 pandemic.
Neneng Nurjanah, Corporate Secretary of PT Indonesian Prima Property Tbk (OMRE) said the company's hotels and shopping centers were affected by the pandemic. "The decline in revenue and net profit in the first quarter of 2020 was recorded at 25%, compared to the same period last year," he said in an information disclosure quoted on Monday (8/6).
According to him, the decline in revenue was caused by a decline in the number of shopping center visitors. Therefore, his party is submitting a request to postpone payment to its creditors.
In addition, the company also made a number of efforts to keep its business running, including postponing the planned renovation of a number of its hotel and shopping centers, reducing operating expenses, and salary adjustments at all levels. (LK/AR)