October 3, 2012
Retailer PT Matahari Putra Prima reported a surge of 20.8% in net sales for H1 2012, driven by higher F&B sales.
Retail giant PT Matahari Putra Prima, which operates the Hypermart chain in Indonesia, reported a surge of 20.8% in net sales to Rp 4.97 trillion for H1 2012. The increase was driven by higher sales in its F&B division.
F&B emerged as the supermarket operator's most sought after product category - the division dominated net sales at 94.9%, with its family entertainment centre division coming in second at 3.5%.
For the first half of the year, the F&B division achieved Rp 4.72 trillion in sales, an increase of 21.4% from the same period last year. The F&B division of Matahari consists of Hypermart, supermarket channel Foodmart and the Boston health and beauty stores.
Matahari also said that the cost of goods sold during the first half of the year went up, increasing by 20.6% to Rp 4.07 trillion from the same period last year.
Despite heightened costs, the retail operator managed a strong performance, reporting an increase of 93.5% in net profits to Rp 83.84 billion for H1 2012. During the period, other income for the company also jumped by 82% year-on-year to Rp 87.05 billion.
Matahari last month won approval from shareholders to divest Rp 3.2 trillion of non-core assets to improve its capital structure. Under the plan, non-core assets including Timezone and Times Bookstores as well as restaurant and property businesses will be released through the sale of wholly owned subsidiaries PT Matahari Pacific and PT Nadya Putra Investama.
The units will be picked up by public investment company PT Multipolar, which holds a 50% stake in Matahari.
Net sales for the company is expected to reach Rp 11.53 trillion by the end of 2012, 24% higher than last year.
Matahari is the operator of 74 Hypermart outlets throughout Indonesia, including one in Maluku and Paupa. The company plans to expand its store network by a further eight outlets outside Java by December 2012, with new store openings focussed on East Indonesia.
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