JAKARTA. PT Graha Layar Prima Tbk (BLTZ), also known as CGV Cinemas, lost Rp 185.46 billion in the first half (1H) of 2020. This is the largest loss ever experienced by the company in one semester in the past six years.
In its financial report, CGV Cinemas' management explained that the company's net income in 1H 2020 declined by 65.73% year on year (YoY), to Rp 233.84 billion. The company's cost of goods sold alos declined by 45.79% YoY to Rp 232.38 billion.
According to idnfinancials.com data, CGV Cinemas' losses in 1H 2020 were equivalent to 6 times its losses in 1H 2014, which reached Rp 28.87 billion.
Yeo Deoksu, Director of CGV Cinemas, admitted in mid-July that all of the company's operational activities were completely stopped due to the COVID-19 pandemic. "The company has temporarily closed all CGV cinemas. based on government instructions, until an undetermined time," Deoksu said in the company's information disclosure.
Deoksu added, CGV Cinemas is currently trying to stabilize the business, by reducing operating expenses. In addition, the company is also exploring business opportunities to create creative content, as well as optimizing its video and advertising services. (KR/AR)