Matahari's profit up 47%

Matahari's profit up 47%

JAKARTA (JP): Publicly-listed retailer PT Matahari Putra Prima reported a 47 percent increase in its net profit to Rp 15.8 billion (US$7.1 million) in the first quarter of this year over the same period of 1994.

At a presentation in the Hotel Borobudur Inter-Continental on Tuesday, Matahari's management said the company recorded net sales of Rp 3372.4 billion during the first quarter of this year, up 80 percent from the same period of 1994.

During the first quarter, the company opened five new department stores -- one in Jakarta, two in West Java, one in Bali, and another one in North Sulawesi. Matahari, which currently operates 56 stores across Indonesia, plans to open 11 new stores before the end of this year. (rid)