MAPA first half revenue slides to Rp 2.11 trillion
JAKARTA - PT Map Aktif Adiperkasa Tbk (MAPA) recorded 1H20 sales of Rp 2.11 trillion which were a decline from Rp 3.47 trillion posted in 1H19. This figure dropped 39.1% on an annual basis.
The widespread closing of stores during 2Q20 due to Covid-19 pandemic resulted in net revenue to reach only Rp653 billion from Rp1.96 trillion in 2Q19.
Corporate Secretary of MAPA, Ratih D. Gianda said, "Our 2Q results were significantly impacted across the archipelago. More than 60% of our stores were closed for up to 8 weeks in order to protect shoppers and staff, and to mitigate the spread of Covid-19. However, during this time, we ramped up our Digital initiatives and experienced growth of more than 380% through our proprietary sites such as Planet Sports, Kidz Station, and additional marketplace through third party platform. We also accelerated our connection and engagement with our MAP Club loyalty members resulting in significant sales growth of over 550% at MAPEMALL.”
Gross profit margin fell from 45.9% to 39.9% primarily due to events stemming from the overall pandemic in 2Q20. The lower sales and margins resulted in an operating loss of Rp95.2 billion and an EBITDA at Rp218.6 billion. As a result, MAPA’s first half net loss was recorded at Rp75.4 billion. (LM)