Jan 28, 2011

Multipolar FY10 operating profit drops

PT Multipolar Tbk (MLPL), controlling shareholder of Indonesian ritailer PT Matahari Putra Prima Tbk (MPPA), suffered a 97.08% drop in operating profit last year as net sales and gross profit tumbled.
In 2010's financial statement published today, Multipolar posted Rp15.89 billion operating profit from Rp545.11 billion in 2009.
Multipolar's net sales fell 12.39% to Rp9.45 trillion last year from Rp10.89 trillion in the previous year.
As a result, gross profit tumbled 40.87% to Rp2.17 trillion in 2010 from Rp3.67 trillion in 2009. However, Multipolar's net income sky rocketed 2,457.25% to Rp2,83 trillion from Rp110.69 billion as one-time extraordinary income from Matahari's shares sale. 

Disclosure: No position at the stock mentioned above.  

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