Carrefour reports return to profit, shares rise

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