JAKARTA. PT Matahari Department Store Tbk (LPPF), one of the leading retail companies in Indonesia, recorded a net loss of Rp 617 billion during the period of January-September (9M) 2020 due to sharp decline in sales.
Terry O'Connor, CEO and Vice President Director of LPPF, said that the company has implemented various business recovery plans. "However, visits to our outlets were hampered by the PSBB (Large-Scale Social Restrictions) in September 2020," said O'Connor in a press release received by idnfinancials.com.
In the disclosure published on the Indonesia Stock Exchange's (IDX) website on Thursday (22/10) yesterday, LPPF's management said that the company's revenue in 9M 2020 declined by 57.5% Year on Year (YoY), to Rp 3.33 trillion. Most of the company's revenue came from retail sales (Rp 2.13 trillion).
With the current condition, management has also tried to implement cost-cutting measures. Starting from negotiating rent to cutting employee salaries.
At present, LPPF has 153 outlets in 76 cities in Indonesia. During the COVID-19 pandemic, the company closed 10 outlets. (KR/AR)