TRIO Closes Several Stores

By Editorial Team 16/09/2019
Summary

PT Trikomsel Oke Tbk (TRIO) closed several unprofitable cellphone stores as a part of the efficiency plan to reduce losses while boosting gross profit margins. With this corporate action, the TRIO stock-coded cellphone retailer is only operating less than 100 stores consisting of Okeshop and Global Teleshop, from 103 stores in late June 2019.

Due to loss-making stores TRIO income dropped 36.67 percent to Rp 562.11 billion in the first half of 2019 from the same period a year earlier. Therefore, the company loss soared seven-folds to Rp 34.69 billion, yet the TRIO's gross profit margin increased to 7.69 percent from 5.58 percent. Mobile phone sales dominated the company’ sales, reaching Rp 472.96 billion, while the rests were from prepaid vouchers, accessories consignment, and others.

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