Hero to open five more retail outlets

JAKARTA (JP): PT Hero Supermarket, one of the country's largest retail chains, will open five more outlets this year in Jakarta, Bandung and Yogyakarta.

Hero's Director Anton Lukmanto told a press conference after the company's annual shareholder's meeting that his company opened six Hero Supermarkets in 1992 and four last year.

He said that his company's sales increased by 24 percent to Rp 561 billion (US$260.08 million) last year from Rp 453 billion in 1992.

He added that Hero's after tax profit increased as well by 25 percent to Rp 16.1 billion last year from the previous year.

According to Anton, the shareholders also approved the management's proposal that Rp 5.9 billion, or 36 percent of the total profits, be distributed as dividends, meaning that each share will receive a cash payment of Rp 50.

The other Rp 10.2 billion of the profits will be retained, he said.

Hero, which currently runs 55 supermarkets throughout the country, will further improve its service by providing various household products, he added.

"We are cooperating with several companies, including some cottage chips industries and mineral water producers, to market their products with Hero's brand wrappings," Anton said, adding that such items usually cost five to 15 percent less than branded products.

He also said that Hero has upgraded its fresh produce department.

Hero's shares are currently traded on the Jakarta and Surabaya Stock Exchanges at between Rp 5,200 and Rp 5,700. (icn)