PT Multi Bintang Indonesia Tbk (MLBI) recorded a decline in sales of 47% YoY and profits down 76% YoY in 2020 due to the Covid-19 pandemic.

President Director of Multi Bintang Indonesia Rene Sanchez Valle said 2020 was an extraordinary year, and everyone had to go through a crisis with various challenges that had never been faced before.

"The economic consequences arising from these conditions have a huge impact on company performance during 2020," Rene said in his statement, Wednesday (21/4).

The company posted a 47% decrease in revenue to Rp1.985 trillion in 2020 from the previous Rp3.711 trillion in 2019.

Rene revealed that the hospitality sector is one of the worst affected by restrictions such as physical distancing, and until now, Indonesia is still closing its doors to foreign tourists.

"This has also led to a significant reduction in income in Bali, which is one of our main areas," said Rene.

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