JAKARTA: Indonesian leading lifestyle retailer PT Mitra Adiperkasa (MAP) plans to reduce its debt to IDR320 billion from IDR950 billion in 2014, Kontan reported, citing Corporate Secretary Fetty Kwartati.The debt is derived from syndicated loans from national banks and foreign banks, including Mizuho Corporate Bank, Bank Danamon, Standard Chartered Bank, Bank of Tokyo, and Bank Negara Indonesia. The debt maturity is extended to 2016. MAP targets to settle its debt in 2015.The company will allocate IDR80 billion from its internal cash to pay its debt every year. Mitra Adiperkasa will not add its debt.The company reported 45% jump in net profit in the first quarter of this year as higher sales and operating profit. Net profit grew 45% to IDR44 billion from IDR30 billion in the first quarter of last year.Operating profit increased 56% to IDR82 billion from IDR53 billion. Net revenue after cost of consignment sales increased 21% to IDR1.27 trillion from IDR1.05 trillion. (msw)

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