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French retail giant Carrefour says first-half net profit rises 3.3 percent

French retail giant Carrefour says first-half net profit rises 3.3 percent

French retail giant Carrefour said Thursday net profit rose 3.3 percent in the first half of the year and announced an overhaul of its property portfolio.
The world's biggest retailer after U.S.-based Wal-Mart Stores reported first-half profit of euro729 million (US$994 million) compared with euro706 million a year earlier. The figure beat average expectations of euro724 million by four analysts surveyed by Dow Jones Newswires.
First-half sales rose 5.5 percent to euro38.85 billion (US$52.96 billion).
In a statement, Carrefour said it plans to open up around euro3 billion (US$4.09 billion) worth of property out of total holdings of between euro20 billion and euro24 billion.
Carrefour also plans to list a real estate branch known as Carrefour Property, of which it will own 80 percent, in 2008 depending on market conditions.
The company will sell about euro1.5 billion (US$2.04 billion) in assets between 2007 and 2008, and cap capital expenditure at euro3 billion (US$4.09 billion) as part of a stricter capital allocation strategy.
Net profit from recurring operations edged up 0.1 percent to euro741 million (US$1.01 million), from euro740 million a year ago.
Carrefour shares rose 3.4 percent Wednesday to close at euro52.14 (US$71.07) on the Paris stock exchange.


Updated : 2021-04-13 09:29 GMT+08:00