The Manager Of Plaza Indonesia Led By Syahrini's In-Laws Loses Rp575 Billion And Cuts Hundreds Of Employees In 2020

Illustration. (Photo: Doc. Plaza Indonesia)

JAKARTA - The COVID-19 pandemic is indeed a terrifying scourge for shopping mall businesses in the country. One of the hit was the manager of Plaza Indonesia, PT Plaza Indonesia Realty Tbk, where the company codenamed PLIN shares recorded a big loss and cut hundreds of employees in 2020.

Following on from Plaza Indonesia's financial statements published on the Indonesia Stock Exchange (IDX) page, Tuesday, May 18, the company led by Syahrini's father-in-law Rosano Barack posted a net loss attributable to the parent entity aka a net loss of Rp575.18 billion last year. Whereas in 2019, PLIN still recorded a net profit of Rp532.69 billion.

PLIN's revenue in 2020 ambles 37.24 percent to Rp927.50 billion from Rp1.48 trillion previously. In fact, the company was able to reduce the burden, especially the financial burden that decreased drastically from Rp117.65 billion to Rp4.88 billion.

In detail, PLIN's revenues decreased, among others, shopping center rental revenue to Rp408.44 billion from Rp501.40 billion, office rent to Rp175.45 billion from Rp193.09 billion, and ambles hotel rental to Rp2.19 billion from Rp6.52 billion.

Hotel revenue fell to Rp163.17 billion from Rp474.60 billion, and charger services revenue fell, apartments were nil, and promotional revenue and parking revenue also decreased.

Plaza Indonesia also recorded a decrease in the number of employees of the company in the past year due to the impact of the COVID-19 pandemic since March 2020. The composition of employees is as many as 362 people, who are core employees.

The number of PLIN employees in the previous year was 662 employees so that there was a reduction of 300 employees. PLIN management explained that termination of employment contracts with a large number of employees is a difficult choice and must be taken with long-term consideration of the company's business continuity.

"The Company will see developments in the future to re-hire these employees if things turn around and the business environment is conducive," said Plaza Indonesia management.