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Carrefour reports return to profit, shares rise

PARIS, FRANCE: Retailer Carrefour, a global leader in the supermarket business, reported a recovery into profit in the first half on Thursday, 29 August, and the company's shares rose 3.71% to €23.63.
The group benefited from asset sales and from improved profitability in its home market, France.

In the first six months of the year, the group made a net profit of €902m from a loss of €31m in the same period of last year. Current operating profit was steady at €766m slightly down from €769m last year.

However, allowing for asset sales in Indonesia, Colombia, Malaysia, Singapore, Greece and Turkey, and taking account of a new standard for staff benefits, current operating profit rose by 4.9%, or by 7.7% on a basis of constant exchange rates.

This was driven by strong performance in France and Latin America.

Finance director Pierre-Jean Sivignon said during a telephone press conference: "It's been difficult regarding the economic situation and competition but Carrefour achieved a good performance in the first half."

Sales amounted to €36.46bn, marking a fall of 6.0%, but of 0.8% on a pro forma basis.

Carrefour said that it make an annual operating profit of about €2.2bn.

Source: AFP via I-Net Bridge


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