PT Matahari Putra Prima Tbk (MPPA) experienced an increase in losses in the second quarter of 2020. Companies that own the Hypermart, Hyfresh and Foodmart retail networks admit that it is all because of the COVID-19 pandemic.
In the second quarter of 2020, sales decreased to Rp 1 trillion from Rp 4.6 trillion in the second quarter of 2019 to Rp 3.6 trillion. The decrease caused the loss for the period of this company owned by Lippo Group to increase from Rp 186.8 billion to Rp 219.25 billion.
PT Matahari Putra Prima Tbk Corporate Secretary, Danny Kojongian explained, when the COVID-19 case was first announced, sales had increased by 14% compared to the previous month. This increase occurred on March 13-25, 2020. At that time, people were in a panic buying stocks of daily necessities. How To Make More Online Shop By Doing Less.
“But after that, it immediately fell drastically. On March 11, it fell very drastically. Because the mall was closed, PSBB and so on,” he said in a virtual press conference, Friday (16/10/2020).
Danny added that the company has also been trying to develop sales through online networks. For example through Hypermart Online, Chat & Shop via WhatsApp, GrabMart and Shopee.
“Even though we have online, it’s still not enough. The majority are still shopping offline,” he added.
The decline in sales also made inventory turnover slow down. So that makes the company have to bear the burden of damaged product inventory.
“Because this is different, food items cannot be put in the old warehouse,” he said.