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Hero Supermarket’s Profit Doubles in 2013 on One-Time Gain From Office Sale

 

Jakarta. Hero Supermarket reported profit more than doubled last year, boosted by the one-time gain from the sale of the retailer’s head office in Jakarta.

Net income surged to Rp 671 billion ($58 million) from Rp 303 billion a year earlier, the company said in a statement posted on the Indonesia Stock Exchange (IDX) after the market’s close on Monday.

Excluding the extraordinary gain, net income at Hero increased 8.9 percent to Rp 330 billion. Sales at Hero rose 14 percent to Rp 12 trillion.

“The group traded well in 2013 with all formats achieving growth in net revenue,” Hero president director Philippe Broianigo said in the statement.

“Following improved sales in all formats in 2013, we remain optimistic about our growth momentum continuing in 2014, despite inflationary pressures and the effects of a weakening of the rupiah in recent months,” he added.

Jakarta-based Hero operates supermarkets and specialty retail stores across Indonesia, including Giant supermarket, and health and beauty store Guardian.

Hero opened 77 new stores across Indonesia last year, and also started construction on Indonesia’s first IKEA store at Tangerang, Bekasi, which is scheduled to open in the fourth quarter of this year.

Shares of Hero rose 4.2 percent to Rp 2,730 on the IDX in Jakarta trading on Tuesday, compared with a 1 percent decline for the main stock index.