LANDMARKS Bhd has temporarily closed operations at its resorts and leisure businesses in Malaysia and Indonesia, effective April 1.
The “drastic decision” is a direct result of the Covid-19 pandemic, the group told Bursa Malaysia yesterday.
It said the health risks caused by Covid-19 and the containment measures imposed by Malaysia have caused “a huge negative impact” to its resorts business operations.
The management is closely monitoring the situation with a view to recommencing operations, while the safety of patrons is paramount. In the interim, the group is implementing cost- control measures, it said.
According to its 2018 annual report, Landmarks mainly derives its earnings from the Andaman, a luxury hotel in Langkawi, and Treasure Bay Bintan, a destination development in Indonesia.
The Andaman and Treasure Bay Bintan were the group’s main revenue drivers in 2018, the report added. The Andaman contributed 71.5% or RM77.9 million of overall group revenue, as well as RM30.4 million to gross operating profit. Landmarks’ gross profit stood at RM60.3 million for the year.
The group’s business in the past included the management of Carcosa Seri Negara, and the development of the Tiara Labuan hotel in Labuan and The Datai in Langkawi.