Plaza Indonesia Revenues Led By Syahrini's In-Law Drop 37 Percent In 2020

Illustration. (Photo: Doc. Plaza Indonesia)

JAKARTA - The COVID-19 pandemic has indeed become a frightening specter for shopping center businesses in the country. One of those affected was the manager of Plaza Indonesia, PT Plaza Indonesia Realty Tbk, where the company codenamed PLIN shares recorded huge losses and cut hundreds of employees in 2020.

Quoted from the financial statements of Plaza Indonesia published on the Indonesia Stock Exchange (IDX) website, Tuesday, May 18, the company led by Syahrini's in-laws, Rosano Barack, booked a net loss attributable to the parent entity, aka a net loss of IDR 575.18 billion last year. Even though in 2019, PLIN still recorded a net profit of IDR 532.69 billion.

PLIN's revenue in 2020 collapsed 37.24 percent to IDR 927.50 billion from previously reaching IDR 1.48 trillion. In fact, the company was able to reduce expenses, especially financial burdens, which drastically reduced from IDR 117.65 billion to IDR 4.88 billion.

In detail, PLIN's revenue has decreased, including shopping center rental income to IDR 408.44 billion from IDR 501.40 billion, office rental to IDR 175.45 billion from IDR 193.09 billion, and hotel rental subsidence to IDR 2.19 billion from IDR 6. 52 billion.

Hotel revenue decreased to IDR 163.17 billion from IDR 474.60 billion, and services charger revenue fell, apartments were zero, and promotion and parking income also decreased.

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

The number of PLIN employees in the previous year was 662 employees, so there was a reduction of 300 employees. PLIN management explained that terminating work contracts with a large number of employees was a difficult choice and had to be taken with long-term considerations for the company's business sustainability.

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