Mitra Adiperkasa reports strong profit

The Jakarta Post, Jakarta

Publicly listed retail company PT Mitra Adiperkasa (MAP) reported an 88 percent surge in operating profit to Rp 141 billion (US$15.66 million) in the January to September period compared to Rp 76 billion in the same period last year.

The holding company of premium SOGO and Debenhams department stores here and retailer of several international brands booked a 12 percent increase in net sales to Rp 1.6 trillion in the nine- month period from Rp 1.4 trillion in the same period last year.

Mitra, which is also the franchisee of Starbucks Coffee, saw net profit after tax rise to Rp 77 billion from Rp 49 billion.

According to a press release received by The Jakarta Post on Thursday, the company has initiated a number of cost-cutting measures, not only to reduce the expenditure, but also to improve efficiency.

It said the management was confident it could achieve projected revenue of Rp 2.3 trillion and a net income of Rp 113 billion this year.

Aside from Starbucks Coffee, Mitra also has the franchises for Golf House, The Athlete's Foot, Reebok, Sports Station, Marks & Spencer, Spice Garden, Kinokuniya Bookstore and Strandbags.

The company's shares were listed on the Jakarta Stock Exchange on Nov. 10. Mitra raised Rp 312.5 billion from the sale of a 30 percent stake through an initial public offering.