The Jakarta Post, Thu, 11/13/2008 10:35 AM
Publicly listed cosmetic company PT Mustika Ratu said Wednesday buyers of lower-end cosmetic products had helped the company cash in on more sales during the first nine months of the year.
"Our sales increased substantially because consumers who used to buy branded or imported cosmetics are now shifting to buy lower price cosmetics due to their falling budgets," said Mustika Ratu corporate director Zulfikar Lukman Wednesday.
During the first nine months of this year, Mustika Ratu generated Rp 217.67 billion (US$19.43 million) in sales revenue, up by 23.04 percent from Rp 176.9 billion in the same period last year.
About 90 percent of the sales were made up from the company's two major brands, Mustika Ratu and Mustika Putri.
With the sales increase, the company managed to book Rp 10.12 billion of net profit, up by 26 percent from Rp 8.03 billion.
Mustika Ratu, the flagship of businesswoman-turned-senator Mooryati Soedibyo, currently has between 35 and 40 percent of market share with some of their products dominating the market.
Some 82.8 percent of their products are cosmetics, 14.96 percent are herbal products and 2.24 percent other type of skincare products.
The company said it remained upbeat in facing next year's possible economic slowdown by seeking to increase exports to countries in Asia, Europe and the Middle East.
"In five years, we expect our overseas market expansion to boost our sales by double the current level," Mustika Ratu sales director Arman Tjitrosoebono said.
Some 80 percent of the company's sales come from the domestic market, the remaining 20 percent coming from exports to 20 countries.
"Our expansion plan overseas and the increasing number of consumers in our market segment have made us more optimistic in facing the slowdown," Arman said.
The country's cosmetic industry was estimated to reach a volume of Rp 5 trillion (US$456 million) in value last year and Rp 7 trillion this year, according to the Association of the Indonesian Cosmetic Manufacturers.
Mustika Ratu is 71.26 percent owned by PT Mustika Ratu Investama, 9.22 percent by Investors Pacific, and the remaining 19.52 percent by the public. -- JP/hwa
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