Matahari Dept Store Owned By Conglomerate Mochtar Riady Earns A Net Profit Of Rp532.48 Billion In The First Semester From Previous Loss Of Rp367.87 Billion

Matahari Department Store outlet, (Photo: Doc. Matahari Dept. Store)

JAKARTA - Retailer PT Matahari Department Store Tbk was able to record performance growth in the first semester of 2020. The issuer with the stock code LPPF believes that its performance will be much better after the Implementation of Restrictions on Community Activities (PPKM).

Matahari Department Store CEO Terry O'Connor said that this trust goes hand in hand with the company's and the government's rapid pace with the challenges of COVID-19.

"We intend to make last season a key lesson for the 2022 Eid season. We believe we are well-positioned to take full advantage of the impending recovery in our stores and in achieving our omnichannel ambitions," said O'Connor in an official statement, quoted on Friday 27 August.

Currently, he said, the company has carried out vaccinations for all of its employees in addition to implementing strong company safety and health protocols.

In the first semester of 2021, the company in its financial statements has re-recorded a net profit for the current period of Rp532.48 billion. Where in the same period the previous year, the issuer coded as LPPF shares experienced a loss for the year amounting to Rp357.87 billion.

Throughout this year, the company revealed that it had seen promising progress in key operational areas. Among these are more predictable margins with the discontinuation of underperforming brands and fashions.

Then the company is also modernizing its merchandise, with a series of new initiatives that are said to have yielded results. Then, the company's operating area was reorganized for higher productivity.

In addition, store upgrade work was also carried out for a smoother shopping experience. The Company is now more selective in the use of capital expenditures to improve customer service.

Finally, the business shift to a low-asset model with reduced warehouses, assets, and low-performing assets made the company's performance run well.