Hero posts record profit<\/p>\n
JAKARTA (JP): Publicly-listed Hero Supermarket announced on
\nTuesday a record operating profit of Rp 80 billion (US$11.1
\nmillion) for 1999, up 10.7 percent from 1998.<\/p>\n
Hero's president Ipung Kurnia said net profit (after tax and
\nminorities) for last year, however, totaled Rp 91 billion,
\nincluding Rp 21 billion in extraordinary gains from riot
\ninsurance recoveries.<\/p>\n
\"This represents a dramatic improvement from a net loss of Rp
\n69 billion in 1998 due largely to foreign exchange losses and
\nnon-recurring expenses,\" Kurnia said.<\/p>\n
Hero also announced it would commence next month importing new
\nstock lines of fresh food to strengthen its offer to customers.<\/p>\n
\"The Hero management team is optimistic that the Indonesian
\neconomy has turned a corner and we want to assure our
\nshareholders and staff that we are in a strong position to
\ncapitalize on the growing consumer market,\" Kurnia added.<\/p>\n
Since October Hero had opened four supermarkets, 10 Guardian
\noutlets and one Star Mart convenience store, Kurnia said, adding
\nthat the company also reduced its foreign debts from $36 million
\nto $30 million last year.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/hero-posts-record-profit-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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