Mitra Adiperkasa 1H net income up 58% - Insider Stories

A retail company PT Mitra Adiperkasa Tbk posted a 58% increase in net income in the first half of this year (1H 2011) as revenues strengthened.
Mitra Adiperkasa’s net income for the period ended June 30 gained to Rp157.15 billion (US$18.52 million), or Rp95 a share, from Rp99.75 billion, or Rp60 a share, a year earlier. Sales revenue rose 23.78% to Rp2.66 trillion.
Its operating income grew 42% to Rp264.5 billion.

"Our excellent results underscore the strength of Mitra Adiperkasa's business model and brand portfolio as well as the strong purchasing power of our core customers - the middle to upper income group. With strong fundamentals and a solid business strategy that focuses on our core business and consumers, we are well positioned for new business opportunities and growth," said Corporate Secretary Fetty Kwartati in a statement published today.

In the first half of 2011, the company operated a total of 931 stores in 27 major cities in Indonesia. New retail concepts launched in the first half of 2011 include BCBG Maxazria, Stradivarius, Bershka, Travelogue, Max & Co, H.E. by Mango, Pandora and Payless. The company allocated IDR350 billion to fund its capital expenditure, mostly to open new stores throughout Indonesia.
The MAPI-coded stock gained 1.74% or Rp75 to Rp4,375 in Jakarta trading as of 3.37 p.m.