JAKARTA. The management of PT MNC Studios International Tbk (MSIN) explained how its share price fell by 17.05% in the past year, as well as the reason for the company's poor performance during the first semester of 2020.
Tunggal Siregar, Corporate Secretary of MSIN, admitted that the decline in the company's share price was mainly caused by Indonesia's recent macroeconomic conditions. Especially after the COVID-19 pandemic which had an impact on the company's business activities. This condition, said Siregar, will only improve after the discovery of COVID-19 vaccine.
"However, the company is still trying to record business growth to increase our value for investors through a number of business developments," said Siregar through the disclosure submitted to the Indonesia Stock Exchange (IDX).
For the record, MSIN's sales fell by 24.95% Year on Year (YoY) in the first semester of 2020 to Rp 716.18 billion. Meanwhile, MNC Group's net profit also fell by 38.66% YoY to Rp 77.77 billion.
Siregar further explained that the decline in MSIN's revenue in the first half of 2020 was mainly caused by the lower content production hours. In addition, revenue from its talent management business also decreased due to restrictions on off-air activities. (KR/AR)