News Column

CRE H1 Net Down 8.7%, to Close 10% Tesco Stores

August 22, 2014

BEIJING, August 22, SinoCast -- China Resources Enterprise, Limited (CRE) recorded unaudited turnover of HKD 83.506 billion and net profit of HKD 929 million in the first half of this year, growing 16.2% and falling 8.7% over a year earlier.

CRE CFO Li Ruxiong disclosed Tesco's layout in China is large so that an excessive investment has appeared. After the merger, CRE will not greatly reduce the staff but close down less than 10% stores.

In the reporting period, CRE's turnover and net profits in retail business hit HKD 52.589 billion and HKD 700 million, growing 9.8% and 9.9% year on year.

Turnover and net profit from beer business hit HKD 18.475 billion and HKD 417 million, growing 14.9% and 16.5% year on year.

Turnover and net profit from food business hit HKD 8.035 billion and negative HKD 72 million, growing 60.6% year on year and CNY 71 million in the same period of a year earlier.

Turnover and net profit from beverage business hit HKD 57 million and HKD 66 million, growing 49.8% and 69.2% year on year.

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Source: Sinocast Consumer Products Beat (China)

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