Asset sales help Carrefour triple its profit by end-2012
AFPPARIS--French retail giant Carrefour said Thursday that its 2012 net profit was three times bigger than the previous year owing mainly to asset sales, and the sharp improvement from poor results in 2011 pushed its shares higher on the Paris stock exchange.
March 8, 2013, 12:34 am TWN
Growing business in Latin America and improvements in France helped Carrefour's new boss Georges Plassat post a net profit of 1.23 billion euros (US$1.6 billion) and propose a 2012 dividend of 0.58 euros per share.
Analysts polled by Dow Jones Newswires had expected a net profit of 810.9 million euros.
In 2011, Carrefour's net profit had fallen by 14.3 percent, but last year it earned more than one billion euros from asset sales as it withdrew from five countries, Colombia, Greece, Indonesia, Malaysia and Singapore.
Carrefour is the world's second biggest retailer, after the U.S.-based Wal-Mart.