Nov 30, 2010

Midi Utama to jack up sales 70% in 2011

PT Midi Utama Indonesia Tbk seeks increase in sales on outlet expansion and development of distribution centers.
The retail company expects teh sales to go up by 60%-70% to IDR2.56 trillion-IDR2.89 trillion next year from as compared to estimated IDR1.6 trillion-IDR1.7 trillion this year.
President Director Midi Utama Rullyanto said the company plans outlet expansion and establishment of distribution centers benefiting from the IPO's proceeds.
“This year’s net income is estimated to reach IDR10 billion. We also project that the next year’s earnings may be higher compared with income of current year,” he said after a share listing in Indonesia Stock Exchange (IDX).
Midi’s revenue from January to September this year has reached IDR1.08 trillion. The retail company that operates Alfa Midi and Alfa Express outlets became the 20th company listing its shares in IDX this year. The MIDI-coded shares set off for its first trading today. Midi has gained IDR118.90 billion from disposing 15% shares or 432.35 million shares. 
About 90% of the IPO's proceeds will be used to develop its outlets in Jakarta, Bogor, Depok, Tangerang and Bekasi as well as other locations spread throughout West Java, East Java, Bali and Makassar.
Meanwhile, 10% of the IPO proceeds will be allocated to finance the development of distribution centers in Serpong, Bekasi and Makassar. 

Disclosure: No position at the stock mentioned above.

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