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Matahari Department Store profit misses consensus by 26.4% in Q4

PT Matahari Department Store Tbk said its normalized net income for the fourth quarter amounted to 108.07 rupiah per share, compared with the S&P Capital IQ consensus estimate of 146.87 rupiah per share.

EPS increased 10.6% year over year from 97.73 rupiah.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 315.25 billion rupiah, a gain of 10.6% from 285.08 billion rupiah in the prior-year period.

The normalized profit margin dropped to 14.7% from 15.1% in the year-earlier period.

Total revenue rose 16.3% year over year to 2.194 trillion rupiah from 1.886 trillion rupiah, and total operating expenses grew 17.2% from the prior-year period to 1.641 trillion rupiah from 1.400 trillion rupiah.

Reported net income rose 10.6% on an annual basis to 396.81 billion rupiah, or 136.03 rupiah per share, from 358.69 billion rupiah, or 122.97 rupiah per share.

For the year, the company's normalized net income totaled 481.26 rupiah per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 631.75 rupiah.

EPS rose 21.1% from 397.33 rupiah in the prior year.

Normalized net income was 1.404 trillion rupiah, a gain of 21.1% from 1.159 trillion rupiah in the prior year.

Full-year total revenue rose 13.6% on an annual basis to 9.007 trillion rupiah from 7.926 trillion rupiah, and total operating expenses rose 14.2% year over year to 6.668 trillion rupiah from 5.838 trillion rupiah.

The company said reported net income increased 25.5% year over year to 1.781 trillion rupiah, or 610.51 rupiah per share, in the full year, from 1.419 trillion rupiah, or 486.50 rupiah per share.

As of Feb. 23, US$1 was equivalent to 13,410 rupiah.