Matahari revises profit

JAKARTA (JP): PT Matahari Putra Prima said yesterday that it had lowered its net profit target this year to Rp 52 billion (US$15.29 million) from Rp 92 billion due to the currency turmoil.

Matahari finance director Antonius Hanifah Komala attributed the lower profit to the company's loss in foreign exchange transactions totaling about Rp 39 billion.

"Our profit from operations will remain the same," Antonius said yesterday after the company's general shareholders meeting.

The company, which operates Matahari department stores, also announced yesterday that it will issue 1.8 million new shares to back up its operation. (das)