JAKARTA (Yosefardi) – Shares of PT Erajaya Tbk (ERAA), the country’s largest ICT retailer, dropped further 9.2% to Rp1,580 on Thursday (August 1) with 10.18 million shares exchanged hands.
The stocks had fallen 23% in the past two days, and dropped 54% from its peak (year to date) by late June.
Erajaya reported net profit of Rp129 billion in the first half of 2013, dropped by 39% from the corresponding period of 2012. Other than 6.7% decline in sales revenues, the company’s profit margins were squezzed substantially.