JAKARTA. PT Pioneerindo Gourmet International Tbk (PTSP), which holds the California Fried Chicken (CFC) brand in Indonesia, posted a Rp 62.91 billion loss from January to September (9M) 2020.
According to PTSP Director Teh Kian Kun, the loss was caused by the coronavirus (COVID-19) pandemic, which prompted the company to close down 161 outlets in several shopping centres. "A lot of shopping centres had to be closed, which resulted in outlets not being able to cover most of the operating expenses," Mr Teh said in a stock exchange filing.
As of August 2020, he said, 1,220 of the company's employees had taken monthly pay cuts in order to lower its operating expenses.
In a recently published financial report, PTSP announced Rp 275.5 billion in revenue in 9M-2020, down 47.89% year on year (yoy).
According to IDNFinancials.com's data, currently 26.88% of PTSP's shares is owned by PT Graha Sentosa Persada, while 21.84% is owned by Standard Chartered Bank SG, 10.68% by Suyanto Gondokusumo, 8.9% by PT Bayu Buana Tbk (BAYU), 6.22% by Bank of Singapore Ltd, and 25.48% by public investors. (KR/MS)