Matahari grows by slimmer margin in 2012

JAKARTA. Fashion retailer PT Matahari Department Store (LPPF), despite remaining on an upward rise, saw its growth margins narrow in 2012 — a year marked by buoyant consumer confidence — the company’s latest financial report shows.

As stated in their latest financial report, net revenues reached Rp 5.61 trillion (US$582.89 million) at the end of 2012, thus recording 19.4 percent year-on year growth. This increase, however, is half of the 41.7 percent net revenue growth that the retailer reaped between 2010 and 2011.

The 75 stores that the retailer owns in Java contributed 61.6 percent, or Rp 3.47 trillion, to net revenues. The company’s 19 stores across Kalimantan, Sulawesi and Maluku contributed the second-largest sum, to the tune of Rp 963 billion.

Meanwhile, the retailer’s year-on-year gross profits in 2012 surged by 19.3 percent to Rp 3.7 trillion, with operating profits experiencing a 27.6 percent rise to Rp 1.58 trillion.

Its net profits experienced a 65.5 percent jump to Rp 770.8 billion, while its expenses increased by 19.7 percent to Rp 1.91 trillion.

Anindya Saraswati, an equity analyst at Danareksa Sekuritas, said the retail sector saw a “good 2012”, adding that the positive trend would carry on this year.

The analysis is based on the market performance of retailers PT Mitra Adi Perkasa (MAPI), PT Ace Hardware Indonesia (ACES) and PT Ramayana Lestari Sentosa (RALS).

MAPI saw sales growth of more than 30 percent, while ACES and RALS grew by around 29.5 and 13 percent, respectively.

“Indonesia’s buoyant domestic economy, which translates into greater consumer purchasing power, will continue to underpin the retail sector,” she said. Matahari shares closed at its opening price of Rp 2,700 apiece on Tuesday.

It was previously reported that American International Group Inc. (AIG) and Temasek Holdings were interested in buying a stake in LPPF.

Currently, the Asia Color Company Ltd. is the retailer’s majority shareholder. The Asia Color Company, in turn, is controlled by Meadow Asia Co. Ltd, 80 percent of which is controlled by CVC Capital Partners.

Meadow purchased its stake in 2010 from publicly listed PT Matahari Putra Prima (MPPA), the operator of Hypermart. (Mariel Grazella/ The Jakarta Post)

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