JAKARTA. PT Metropolitan Land Tbk (MTLA) or Metland's revenue from its hotel segment plummeted 50% in the first semester (1H) of 2020 due to large-scale social restrictions imposed to prevent the spread of coronavirus (COVID-19) since March.
According to Metland CFO and Corporate Secretary Olivia Soerodjo, the restrictions, which have been in place since March 2020, lowered the hotels' occupancy rates by 20% which caused the company to lose around 50% of potential revenue from its hotel segment.
However, the hotels' occupancy rates have started to rise although the restrictions imposed in Jakarta also affect the company's hotel in Seminyak Bali.
In order to boost its recurring income, Metland will change its strategy to sell one of its properties, Royal Venya Ubud. Initially, the property will be sold per unit.
Currently Metland's hotels include Hotel Horison Ultima in Bekasi and Seminyak, Metland Hotel in Cirebon, and @Hom Hotel in Tambun. (AM/MS)