Carrefour reports return to profit, shares rise 3.71% to 23.63 euros
AFPPARIS -- Retailer Carrefour, a global leader in the supermarket business, reported a recovery into profit in the first half on Thursday, and the shares rose 3.71 percent to 23.63 euros.
August 30, 2013, 11:44 am TWN
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 902 million euros (US$1.195 billion) from a loss of 31 million euros in the same period of last year.
Current operating profit was steady at 766 million euros from 769 million in the same period of 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 percent, or by 7.7 percent on a basis of constant exchange rates.
This was driven by strong performance in France and Latin America.
Carrefour said, as in July, that it should be on target for expectation by analysts for an annual current operating profit of about 2.2 billion.
At Bank of America Merrill Lynch, analysts commented that the figures were impressive regarding France but disappointing everywhere else.