JAKARTA. PT Menteng Heritage Realty Tbk (HRME), owner of five-star hotel The Hermitage, posted a Rp 6.38 billion loss in the first quarter (Q1) of 2020 due to the coronavirus (COVID-19) pandemic.
According to HRME's Q1 financial report, the company posted a revenue hike of 25.39% year on year (yoy) to Rp 20 billion. However, its operational expenses also surged significantly.
HRME's Q1 revenue mainly came from its core hotel business, which contributed Rp 14.93 billion. The figure was 6.39% lower compared to the same period last year, in which the hotel business contributed Rp 15.95 billion, although the decline had been anticipated since late May as an impact of the COVID-19 pandemic.
The company included Rp 5.93 billion in receivables in its revenue, which resulted in positive growth in its consolidated revenue.
However, HRME's Q1 financial report received negative response from the market as its stock price dropped by 3.45% or 4 points to Rp 112 per share. In the past month, HRME's stock price has dropped 66.07%. (KR/MS)