Mitra Adiperkasa reports strong profit

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.