Retailer Matahari Department Store (LPPF) suffered a net loss of Rp873 billion in 2020 against a profit of Rp1.37 trillion in 2019, as revenue dropped 52.9% to Rp4.84 trillion from the previous Rp10.27 trillion. Retail sales fell 52.9% year on year (y/y) to Rp3.09 trillion, and consignment sales dropped 52.8% to Rp1.69 trillion. Matahari recorded a cost of revenue of Rp2 trillion in 2020 and operating expenses of Rp3.45 trillion. It suffered an operating loss of Rp870 billion last year, against an operating profit of Rp1.79 trillion in 2019.
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