Retailer PT Matahari Putra Prima Tbk (MPPA), that is controlled by Lippo Group, reported a 47.49% drop in net profit in the first quarter of this year as net sales decreased.
Matahari posted Rp20.01 billion net profit in 1Q 2011 or Rp4 per share from Rp38.11 billion or Rp8 per share in 1Q 2010.
Operating profit dived 82.97% to Rp10.16 billion from Rp59.65 billion, while gross profit slumped 55.29% to Rp354.69 billion from Rp793.24 billion. Matahari's net sales decreased 20.16% to Rp1.98 trillion from Rp2.48 trillion.
Disclosure: No position at the stock mentioned above.
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