Indonesian retailer PT Matahari Department Store Tbk recorded a 99.08% jump in net profit during the first half of this year as revenue rose, underpinned by stronger demand in the consumption sector. Matahari booked Rp258.98 billion net profit in 1H 2011 from Rp130.09 billion in 1H 2010.
Operating profit of the retailer, that is controlled by Lippo Group, surged 81.08% to Rp324.16 billion from Rp179.01 billion. Gross profit increased 16.19% to Rp1.22 trillion from Rp1.05 trillion. Matahari posted a 12.73% increase in net revenue to Rp1.86 trillion from Rp1.65 trillion.
Disclosure: No position at the stock mentioned above.
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