Oct 1, 2010

Multipolar, Matahari in operating loss

Publicly listed parent company PT Multipolar Tbk, controlled by Riady family, today announces Rp27.17 billion operating loss in the first half of this year, a 132.22% drop.
The company's financial statement, published today, reveals that Multipolar, controlling shareholder of retailer PT Matahari Putra Prima Tbk, booked Rp84.32 billion operating profit in 1H 2009.
The loss was mainly contributed by higher cost of goods sold by 7.09% from Rp3.24 trillion in 1H 2009 to Rp3.47 trillion in 1H 2010.
However, Multipolar's net sales slumped 3.32% from Rp4.82 trillion to Rp4.66 trillion in 1H 2010.
Despite operating loss, Multipolar could jack up its net profit by 5,689.88% to Rp2.78 trillion in 1H 2010 from Rp48.17 billion as a result of extraordinary net income from Matahari.
Matahari booked extraordinary net income after it sold Matahari Department Store to CVC Capital Partners.
Giant retailer of Group Lippo, controlled by Riady family, PT Matahari Putra Prima Tbk (MPPA), fell into operating loss, despite a soaring bottom line.
Based on the financial statement published today, Matahari was in operating loss of Rp40.28 billion in the first half of this year from Rp60.42 billion operating profit a year earlier.
The main contributor for the loss was a slight drop in net sales at the end of June this year by 4.59% from Rp4.58 trillion in 1H 2009 to Rp4.37 trillion.
However, the retailer's cost of goods sold inched up 5.88% from Rp3.06 trillion in 1H 2009 to Rp3.24 trillion, while operating expenses lowered 19.86% from Rp1.46 trillion in 1H 2009 to Rp1.17 trillion in 1H 2010.
Matahari gained extraordinary income worth Rp5.73 trillion in 1H 2010, driving its operating loss into net profit of Rp5.60 trillion, a 4,195.8% jump from its normal level of Rp130.36 billion a year earlier.

Disclosure: No position at the stock mentioned above.
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