Dec 14, 2010

Modern hopes more sales from 7-Eleven

7-Eleven outlets are expected to become the biggest contributor for consolidated sales of PT Modern International Tbk in the future.
In a presentation material filed to Indonesia Stock Exchange (IDX) today, Modern manages 16 outlets 7-Eleven as of November 2010.
By end of this year, total sales contribution from the outlets was estimated to reach 10% of consolidated sales.
For the period of the first 9 months 2010, Modern Internasional posted Rp522.28 billion consolidated sales, a 5.1% decrease from Rp550.39 billlion a year earlier.
The company posted Rp30.5 billion net profit at end of September this year from Rp14.6 billion a year earlier.
Modern Internasional currently manages digital imaging, industrial imaging, office imaging, and convenience store 7-Eleven businesses.
Modern Internasional, via its subsidiary PT Modern PutraIndonesia, obtained master franchise from 7-Eleven Inc US in April 2009.
The first outlet of 7-Eleven was commercially opened on November 7 2009 at Bulungan, Jakarta.
Up to now, Modern PutraIndonesia has established and operated 17 outlets in Jakarta. So far, the outlets show good performance.
The company plans to further developing 7-Eleven by converting outlets of Fuji Image Plaza and Fuji Digital Imaging into convenience store 7-Eleven as well as new outlets expansion. 

Disclosure: No position at the stock mentioned above.
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