Matahari's Q1 profit up 22%

Matahari's Q1 profit up 22%

JAKARTA: Retailer PT Matahari Putra Prima said Thursday higher sales lifted its first quarter net profit by 22 percent to Rp 40.20 billion rupiah (US$4.5 million).

Sales grew 19 percent to Rp 1.18 trillion from Rp 990.43 billion a year earlier, despite few new-store openings in the period.

The results translate into earnings per share of Rp 15, up from Rp 12 in the 2001 quarter.

The company said the strongest sales growth came from stores in East Java, which expanded 33 percent, and sales across stores in the greater Jakarta area, which increased 23 percent.

Fashion was the highest contributor to sales with 56.8 percent, while supermarkets provided 31.9 percent of sales. Minor units contributed 11.3 percent.

Matahari's operating income was lower at Rp 35.80 billion, from Rp 43.23 billion a year earlier, due to a rise in selling expenses, as well as general and administrative costs, which reached Rp 185.49 billion, compared with Rp 153.69 billion last year.

Net interest income expanded to Rp 22.02 billion from Rp 6.41 billion in the first quarter of last year. -- Dow Jones