JAKARTA: PT Metro Realty Tbk is seeking IDR23.14 billion revenue this year, the same amount that the company posted last year. Renovation of stores that commenced last year is expected to boost companys revenue.
Director PT Metro Realty Tbk Arief Thamin said that the company has allocated budget as much as IDR40 billion for five years to renovate a store in Metro Pasar Baru, Central Jakarta.We will complete store renovation gradually. This year, the main work is in ground floor and several facilities, he revealed after a public exposure yesterday.During January-September 2010, companys revenue decreased 12.51% to IDR16.85 billion, compared to IDR19.27 billion in the same period last year.The company could post a 110% increase in operating profit within the first nine months this year to IDR1.93 billion, compared to IDR917.67 million in the same period last year.The ability in reducing cost of goods sold as much as 22.97% to IDR12.13 billion in January-September 2010 from IDR15.75 in the same period last year was one factor causing higher operating cost.Meanwhile, net earnings during January-September 2010 jumped 461.31% to IDR1.19 billion, compared to IDR212.07 million in the same period last year.Arief said that the renovation is vital to the company considering competition with other new commercial centers, which are usually equipped with more supporting facilities compared to those belong to the company.The company operates not only Metro Pasar Baru, but also Sunter Plaza and Melawai Plaza. In residential sector, the company operates Sunter apartment.The company disclosed its plan to switch the function of four stories in Metro Pasar Baru from company office to apartment. The permit to do the project has been proposed since this year, and is expected to finish in the first quarter next year.Once the permit has been granted, we start renovation and switch the four stories into apartment. We will also add primary service, such as parking lot, he said.The concept of residential place integrated with shopping mall is familiar in big cities in Indonesia. Arief expects that the strategy can gather more revenue for the company.In stock market, the company shares coded as MTSM settled at IDR900 per share yesterday. (t04/wiw)
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