Publicly listed retail company PT Hero Supermarket recorded a sharp increase in its net profit during the first half of 2017, despite its decreasing revenue.
According to a financial statement issued by the company in late July, its net profit rose by more than 250 percent to Rp 71.38 billion (US$5.36 million) during the first half from around Rp 20 billion in the same period last year, even though its revenue dropped slightly to Rp 6.9 trillion from Rp 7.2 trillion in 2016.
Its liabilities, unfortunately, spiked to Rp 2.95 trillion – a 45 percent increase compared to the Rp 2.03 trillion figure the company recorded last year.
Hero Supermarket is a domestic company, which was established in 1954 with a focus on imported food and beverages. As of 2017, Hero Supermarket oversees 32 Hero Supermarket outlets, 249 drug retail stores under the name Guardian and 164 Giant hypermarkets across Indonesia.
It also holds the license for the first Swedish furniture superstore IKEA to be operated in the country, located in Serpong, Tangerang, Banten. (dea/ags)