Ramayana net profit falls 30%

Ramayana net profit falls 30%

JAKARTA : Indonesian retailer PT Ramayana Lestari Santosa said Monday net profit in the first nine months of this year fell 30 percent to Rp 136.25 billion (US$14.7 million) from Rp 193.3 billion a year earlier.

The company attributed the fall in net profit to higher operating expenses, which rose to Rp 420.38 billion from Rp 284.82 billion.

Sales increased 22 percent to Rp 1.976 trillion from Rp 1.62 trillion in the same period last year.

The company said it booked a Rp 5.03 billion in foreign exchange losses, compared with Rp 40.12 billion last year.

Ramayana didn't comment further on its performance. -- Dow Jones