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Ramayana eyes Rp 8.3 trillion in sales this year
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Ramayana Lestari Sentosa director Suryanto (left) and director Setyadi Surya (right) pose after the company's annual general shareholders meeting on May 20. (thejakartapost.com/Sepsha Dewi)
T
he operator of Ramayana department stores, Ramayana Lestari Sentosa, is eyeing Rp 8.3 trillion (US$610 million) in sales this year, a 7 percent increase from Rp 7.8 trillion in 2015.
The company is set to open two outlets in Bogor, West Java in May and in Solo, Central Java in June, to boost sales, Ramayana director Suryanto said after an annual general shareholders meeting on Friday in Central Jakarta.
“We expect our profit to increase by 10 to 15 percent, worth Rp 370 billion this year,” he said.
Suryanto further said the company recorded a net profit of Rp 336 billion in 2015, a 5.5 percent decline from Rp 355 billion last year, on account of the company increasing discounts to boost sales.
The company had turned 15 Ramayana outlets into a Dutch-based supermarket, Spar stores, and would set up 10 outlets this year, he said, adding that the expansions were expected to increase profit.
To anticipate mounting pressure on the stock market, owing to low share price, the company has bought 211.68 million shares, from 7.69 billion of total issued shares, as April 27 this year.
“We will continue to buy back shares if the price continues to drop,” Suryanto said. (sha/ags)
