MAP books 18 percent profit growth
MAP books 18 percent profit growth
The Jakarta Post, Jakarta
Publicly listed high-end retailer PT Mitra Adiperkasa (MAP)
reported on Friday that it had booked an 18 percent increased net
profit for the first nine months in 2005 on more robust sales.
The company known for its SOGO and Debenhams stores, Starbucks
cafes and Kinokuniya bookstores said its net profit increased to
Rp 90.8 billion, as against Rp 76.9 billion it earned in the
corresponding period of the previous year.
Sales growth was still dominated by the growth in department
stores, while geographically, the firm's retailers in Jakarta
contributed 71 percent to overall revenue growth.
The firm's net sales jumped by 26 percent to Rp 2 trillion
from Rp 1.6 billion in the same period last year, MAP investor
relation head Ratih Gianda said in a statement.
MAP targeted a total growth of between 30 percent and 40
percent by the end of this year, partly because of an expansion
it plans to open this year.
The expansion would cost the company Rp 180 billion.
MAP has projected to add some 100,000-square-meters of space
for retail stores until the year end.
In its first semester report ending on June 30, the company's
total retail area stood at 207,971 sqm with the number of stores
so far reaching 469.
Some 21 stores were established in the year's first six
months.
During the nine months period, MAP has launched several retail
concepts, from Spain fashion chain Zara, a new SOGO, British
healthcare chain Boots, specialty sport store Soccer Station and
a Barbie Boutique.
Ratih said more new concepts were in the pipeline, including a
store by French jeweler Korloff.
Currently the 10-year-old company operates more than 490
stores with retail space totalling 200,000 sqm in 22 major cities
in the country.
Its portfolio includes department stores, sports, fashion,
toys stores, beauty and health, book retailing and food and
beverages.
MAP is also an Indonesian distributor for sports brands
Reebok, Mizuno, Speedo, Wilson and Converse.