Matahari Department Store, Indonesia’s biggest fashion retailer, saw its profit jump in the first six months this year from a year ago, ascribing the spike to solid sales growth and efforts to keep costs down.
The company booked IDR647.8 billion (USD47.8 million) in profit in the January-June period, up 79 percent from IDR361.7 billion in the same quarter last year, the company said in brief report published in Investor Daily newspaper on Thursday.
Matahari’s gross sales reached IDR3.9 trillion (USD288.3 million), up 18 percent from IDR3.3 trillion. The company’s cost of goods sold also grew 18 percent to IDR1.4 trillion, but it managed to curb overhead cost increases at 15 percent to IDR1.6 trillion. The company also reduced its financing costs, resulting in a financing loss narrowing to IDR31 billion from IDR169 billion a year ago.
(Source: Jakarta Globe )