Matahari Department revenue up 560% - Insider Stories

One of Indonesia's largest retailer PT Matahari Department Store Tbk (LPPF), once namely PT Pacific Utama Tbk, recorded 560.66% net revenue jump last year after being injected by the asset of Matahari Department Store.

In the 2010’s financial statement being published today, it was stated that Matahari’s revenue reached Rp4.09 trillion compared to Rp619.37 billion in 2009.
As a result, the company’s gross profit soared by 587.41% to Rp1.63 trillion compared to Rp363.06 billion. Its operating income also surged by 5,931.15% to Rp1.09 trillion compared to Rp18.75 billion of operating loss.

Last year, Matahari recorded Rp624.54 billion of net income or Rp214 per share. It soared by 3,519.92% compared to Rp18.31 billion of operating loss or Rp12 per share.
PT Multipolar Tbk (MPPL) belonging to Lippo Group or Riady’s controlling PT Matahari Putra Prima Tbk (MPPA) shifted the asset of Matahari Department Store to LPPF. Lippo Group partners with an investment management company, CVC Capital Partners to further develop the fashion retail company by establishing a joint venture company, namely Meadow Indonesia.

Nearly 80% shares of Meadow Indonesia is controlled by CVC while the remaining is managed by Matahari Putra Prima. Meadow also controls the shares of Matahari Department Store.