MNC Studios, This Production House For The Soap Opera 'Ikatan Cinta' Belongs To The Hary Tanoe Conglomerate, The Profit Drops 30 Percent

Conglomerate Hary Tanoesoedibjo with his wife, Liliana Tanoesoedibjo. (Photo: Instagram @liliana_tanoesoedibjo)

JAKARTA - The soap opera virus Ikatan Cinta is echoing among television program lovers, including the wife of conglomerate Hary Tanoesoedibjo, Liliana Tanoesoedibjo. Behind the success of the soap opera production, is MNC Pictures, a business unit of PT MNC Studios International Tbk.

MNC Studios is one of the business octopuses owned by Hary Tanoe, the 33rd richest person in Indonesia. However, MNC Studios had to experience a decline in performance in 2020, at least until the third quarter, despite the success of the soap opera, Ikatan Cinta.

The company coded MSIN shares experienced a decline in revenue and profit throughout the nine months of 2020. Based on MNC Studios 'financial reports quoted by VOI, Friday, March 5, MNC Studios' revenue reached IDR 1.04 trillion at the end of the third quarter of 2020.

The realization of this income decreased 23.77 percent compared to the same period in 2019 which amounted to IDR 1.36 trillion. The main contributor to the company's revenue, content revenue, fell 25.46 percent to IDR 1.14 trillion.

There was also the talent and other income, which decreased by 28.71 percent from IDR 303 billion to IDR 216 billion. On the other hand, the digital revenue segment grew rapidly, up to 162 percent year on year (YoY), to IDR 131 billion.

However, this increase has not been able to support MNC Studios' accumulated revenue. As a result, net income for the period attributable to the company owners fell by 30.34 percent, to around IDR 124 billion in the third quarter of 2020.

In the midst of a decline in revenue and profit, MNC Studios recorded a growth in the asset account. MNC Studios recorded an asset position of IDR 2.32 trillion, or grew 11 percent compared to the position in December 2019, with details of current assets of IDR 1.65 trillion and non-current assets of IDR 672 billion.