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.