Matahari's net falls 67 percent in year

Matahari's net falls 67 percent in year

JAKARTA: Indonesian retailer PT Matahari Putra Prima on Tuesday said its net profit for the first six months of the year fell 67 percent on year to Rp 23.13 billion, mostly due to a decline in sales.

Its sales dropped 8.9 percent on year to Rp 2.241 trillion, as purchasing power weakened and unemployment worsened in the country during the first half.

As of June 30, its current liabilities were at Rp 883.92 billion, compared with Rp 1.119 trillion a year earlier.

Matahari, which enjoys a 20 percent share of the Indonesian retail sales market excluding traditional markets, is controlled by conglomerate Lippo Group.

Matahari operates 64 supermarkets and 77 department stores in 38 cities in Indonesia. -- Dow Jones