The Jakarta Post
Lifestyle retailer PT Mitra Adiperkasa (MAP) reported a stellar profit growth in the first half of this year, thanks to a sharp increase in sales during the Idul Fitri holiday last June and to its cost-cutting measures.
As of June, the publicly listed company’s revenue rose 10.16 percent year-on-year (yoy) to Rp 10 trillion (US$713.14 million), supported by the significant increase in retail and wholesale sales during the January-June period.
With the increase in revenue, along with efficiency efforts, which have cut operational costs by 70 percent, the company’s net profits grew by 28.12 percent yoy to Rp 499.32 billion in the first six months of the year.
“The performance was consistent with our expectations as we achieved strong increases in sales, as well as solid Idul Fitri sales in June,” Fetty Kwartati, MAP’s spokeswoman said in a statement on Wednesday.
She said that the first-half results also reflected the strength of the company’s multi-brand business strategy.
Currently, the company operates more than 2,000 retail outlets in 70 major cities in Indonesia ranging from department stores, fashion and lifestyle, and sports shops, to food and beverage outlets, kids shops and bookstores.
Fetty also said that going forward, the company would keep a close eye on its costs while continuing to expand prudently.
This year, the retail giant has allocated Rp 800 billion for its capital expenditure as it plans to open 200 new stores equal to the size of 60,000 square meters. (hen)