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Hero Supermarket swings to loss in Q1

PT Hero Supermarket Tbk said its normalized net income for the first quarter amounted to a loss of 4.82 rupiah per share, compared with 10.86 rupiah per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 20.18 billion rupiah, compared with income of 45.45 billion rupiah in the year-earlier period.

The normalized profit margin fell to negative 0.3% from 1.5% in the year-earlier period.

Total revenue climbed 14.1% year over year to 3.572 trillion rupiah from 3.132 trillion rupiah, and total operating expenses increased 16.8% on an annual basis to 3.583 trillion rupiah from 3.066 trillion rupiah.

Reported net income came to a loss of 33.19 billion rupiah, or a loss of 7.93 rupiah per share, compared to income of 55.34 billion rupiah, or 13.23 rupiah per share, in the prior-year period.

As of April 28, US$1 was equivalent to 12,935 rupiah.