Retail: Cost Cuts, Solid Sales Help Matahari Book Profit Surge
November 02, 2011
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Matahari Putra Prima, the country’s largest homegrown department store, booked a 77 percent year-on-year increase in its nine-month operating profit due to steady sales from all of its business divisions and a reduced operational costs.
Operating profit was booked at Rp 71 billion ($8 million) for the first nine months this year, up from Rp 40 billion in the same period last year. Sales were nearly flat, growing 0.3 percent to Rp 6.53 trillion from Rp 6.51 trillion. The company cut operating expenses by 26 percent.
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