Matahari Putra Prima (MPP), a retail arm of Indonesia’s Lippo Group, doubled its profit last year, despite a meager pace in rising sales, as the company cut borrowing costs by more than half.
The retailer announced on Wednesday that profit rose 102 percent to IDR444.9 billion (USD38.26 million) last year compared with a year earlier.
MPP posted a 9.2 percent increase in sales to IDR11.9 trillion, while its cost of goods sold jumped 11 percent to IDR10 trillion.
(Source: Jakarta Globe )