Indonesia's leading lifestyle retailer PT Mitra Adiperkasa Tbk (MAPI) today announced a 45% jump in net profit in the first quarter of this year as higher sales and operating profit.
Net profit grew 45% to Rp44 billion from Rp30 billion in the first quarter of last year. Operating profit increased 56% to Rp82 billion from Rp53 billion. Net revenue after cost of consignment sales increased 21% to Rp1.27 trillion from Rp1.05 trillion.
"We had a good first quarter. Our results truly demonstrate the power of our brands and our three-fold strategy of focusing on our existing brands, maximizing their potential and targeting at the middle upper income group, said Fetty Kwartati, Corporate Secretary of MAPI, in a press statement today.
At end March 2011, Mitra Adiperkasa had a total of 887 stores in 25 cities throughout Indonesia with total retail footage of 425,721 sqm.
Disclosure: No position at the stock mentioned above.
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