Retail in Asia

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Indonesia’s Hero books USD30.41m profit, up 23 percent

Indonesia’s retail giant PT Hero Supermarket Tbk (Hero) announced that it had booked net profits of IDR274 billion (USD30.41 million) in 2011, up 23 percent from 2010 based on a substantial increase in revenues.

Hero’s net revenue was recorded at IDR7.65 trillion through 2011, a 17 percent increase from 2010, after opening 61 new stores, including two hypermarkets and 14 supermarkets, according to a stock exchange filing submitted on Monday.

Cost of revenue, which Hero spent to deliver products it sold, increased by 18.1 percent to IDR6.81 trillion, eating away at Hero’s net income.