Matahari revises profit

Tue, 14 Oct 1997, 00:00 WIB | Source: JP

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)

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