Retailer PT Hero Supermarket said today (Friday) that its first-half net profit had more than quadrupled on increased in sales and gains from selling assets, the Dow Jones news agency reported.
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Net profit for the January-to-June period jumped to 18.9bn rupiahs (US$1.9m) from 4.3bn rupiahs a year earlier.
Sales rose 1.95 trillion rupiahs from 1.72 trillion.
“The underlying profitability of the business continues to improve, but we are still below our longer term targets,” chief executive Ipung Kurnia said. He didn’t elaborate about the company’s long term targets.
The company booked 24.06bn rupiahs from selling assets, compared with 365m the year before. The company didn’t provide an explanation for the asset sale.
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