Mitra Adiperkasa sets IDR350 billion capex in 2011

As part of 2011 growth strategy, Indonesia's leading lifestyle retailer, PT Mitra Adiperkasa Tbk (MAPI), has allocated IDR350 billion for capital expenditure (capex).
In a press statement filed to Indonesia Stock Exchange (IDX) today, the capex will bring its grand total to more than 1,000 stores by end 2011.

New expansions include opening of stores in new cities like Jayapura, Palu, and Ambon in the eastern part of Indonesia.

To strengthen its brand portfolio, the retailer has acquired some new brands, such as Payless ShoeSource, Bershka, and Stradivarius among others (the latter two brands from Inditex group which also owns the iconic Zara).

Both Bershka and Stradivarius are now open in Plaza Indonesia. "Our first Payless ShoeSource will open in April 2011," said Mitra Adiperkasa's Corporate Secretary Fetty Kwartati in the statement.

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The company posted record net revenue growth of 15% to IDR4.7 trillion. Operating profit grew 46% to IDR449 billion, while net profit for full year 2010 was IDR201 billion, a 23% increase over 2009.

Mitra Adiperkasa has a total of 854 stores-inclusive of 130 new stores the company added in 2010. Currently, it has 870 retail stores in 25 major Indonesian cities.- source: bisnis.com