JAKARTA - The property company, PT Surya Semesta Internusa Tbk, posted a total revenue of IDR 882 billion in the first quarter of 2020. This position has increased by 7.1 percent when compared to revenue of IDR 823.7 billion in the first quarter of 2019.
Quoting the official press release of Surya Semesta Internusa on Wednesday, May 20, the increase in revenue was mainly due to the property and construction segments, which rose 20 percent and 11.8 percent, respectively. Meanwhile, revenue from the hotel business segment of the SSIA-coded company fell 15.1 percent, as occupancy rates declined in February and March 2020.
The position of income that did not rise too sharply, made the gross profit in the first quarter of 2020 to Rp. 179.9 billion, down 5.1 percent from the gross profit in the first quarter of 2019 of Rp. 189.5 billion. Meanwhile, the company's EBITDA in the first quarter of this year reached IDR 64.1 billion, or 11.7 percent lower than the first quarter of 2019's EBITDA of IDR 72.6 billion.
The company also held a net loss of IDR 17.4 billion in the first quarter of 2020, from IDR 10.9 billion in the same period last year. This was due to an increase in interest expenses of around 23.7 percent from Rp38.0 billion in the first quarter of 2019 to Rp47.0 billion in the first quarter of 2020.
The company management admits that the COVID-19 pandemic has affected SSIA's financial performance activities and three main business pillars. Especially in the hotel business unit due to the impact of the application of physical distancing, travel restrictions, and airport closures for commercial flights in both Jakarta and Bali.
The company has seen hotel occupancy rates drop dramatically, resulting in a massive decline of around 50-60 percent of its hotel revenue for the second quarter of 2020. The company has closed its 5 star hotels namely Gran Melia Jakarta (GMJ), Hotel Melia Bali (MBH) and Banyan Tree Ungasan Resort (BTUR) from the end of March or early April until the end of May 2020.
Management has taken several cost-saving measures to maintain negative cash flow such as reducing wages and wages through paid leave, followed by unpaid leave for most employees, reduced utility costs, renegotiating outsourcing contracts through discounts or contract extension, reducing costs remains, resulting in approximately 30 percent cost savings for April and May 2020.
Furthermore, SSIA's management has also negotiated with lenders on reducing interest rates and extending principal payments to 1 year for this year. The company hopes that the hotel industry will begin to recover in the third quarter of 2020.
The company's cash performance also decreased 9.9 percent to IDR1.375 trillion in the first quarter of 2020, from IDR1.52 trillion in the same period last year.
That way, the position of the company's assets increased not too sharply to IDR 8.174 trillion in the first quarter of 2020, from IDR 8.092 trillion in the same period last year. The liabilities and equity positions were IDR 3.66 trillion and IDR 3.98 trillion, respectively.
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