JAKARTA— PT Matahari Department Store Tbk set 99% of its 2011 net profit as retained earnings.
The department store chain operator will not distribute dividend this year following the high need in fund, said Matahari’s Chied Financial Officer Richard Gibson.
“We opened nine stores last year and we are planning to open another 12 to 15 this year. Our capex is around IDR400 billion,” he said in a public expose in Jakarta today, Friday (6/22/2012)
The company will open five stores in Java Island and the rest are outside Java. Matahari will also open two new stores in Papua at the end of the year and early 2013.
Funding requirements for the addition of new stores are around IDR2 million - IDR3 million per square meter. This value is equivalent to IDR15 billion - IDR30 billion per store
The LPFF-coded company aggressive expansion is estimated to cost approximately IDR300 billion or 75% of this year capex. The remaining fund will be used as regular spending like improvement on communication technology infrastructure. (06/T05/TW)
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