PT Graha Layar Prima Tbk (BLTZ) announced the resignation of Park Jungsin as the company's chief executive officer. The resignation letter was received by BLTZ on March 22, 2024.
BLTZ Director Park Seong Ho stated that there would be no significant impact on the company's operational activities, legal matters, financial condition, and business continuity.
"As stipulated in POJK No. 33 and the Company's Articles of Association, the resignation will be decided at the upcoming General Meeting of Shareholders of the Company, the timing of which will be determined later," wrote Seong Ho, quoted on Friday (22/3/2024).
The cinema management issuer, CGV Indonesia, recorded an increase in net loss attributable to the parent entity by 152.89% annually (yoy) to Rp37.49 billion as of September 2023.
As known, BLTZ's net loss in the third quarter of 2022 compared to the same period in 2022 was Rp14.83 billion. This was driven by the company's cost of goods sold amounting to Rp479.51 billion.
Furthermore, sales expenses amounted to Rp1.43 billion, and general and administrative expenses amounted to Rp244.03 billion.
BLTZ Director Haryani Suwirman stated that the biggest effect of the losses incurred by the Company until September 2023 was due to an increase in rental costs in 2023 compared to 2022.
Moreover, Haryani said, the decline was caused by expectations of the movie lineup shown in 2023 not aligning with the reality of the revenue received, based on the fact that the number of visitors this year was not as much as last year.
On the other hand, the relatively low number of visitors this year did not align with the Company's fixed costs every month, such as utility costs, equipment, and others.
Indeed, referring to its top line, the company's revenue as of September 2023 recorded an increase of 0.34% to Rp796.78 billion, from Rp794.04 billion previously. Revenue from the cinema segment dominated, contributing Rp497.11 billion.