DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

CarrefourSA Post First Quarterly Profit Since 2008

By square1
Share this article
CarrefourSA Post First Quarterly Profit Since 2008

CarrefourSA, the Turkish joint venture between Carrefour and Sabanci Holding, said yesterday that its net profit rose 150% in the first quarter of this year compared with the same period of 2013.

This is the first quarterly profit rise posted by the company since 2008. That's five consecutive years of losses. 

According to a statement CarrefourSA posted a profit of 3.7 million Turkish lira (US$1.75 million) for the first quarter of 2014, after 100.1 million Turkish lira (US$48 million) loss for 2013.

Mehmet Nane, chief executive of CarrefourSA, said "we set a new strategy for the company with Sabanc? Holding and poured resources into better technology. After the implementation of the new strategies we have results with profit."

The retail company's total assets increased by 43 million Turkish lira (US$20.4 million) to 1.609 billion Turkish lira (US$760 million) in the first quarter of this year.

ADVERTISEMENT

Turkey’s Sabanc? Holding has a 50.8% stake in CarrefourSA while Carrefour retains a 46.2% share.

© 2014 - European Supermarket Magazine by Enda Dowling

To sign up to ESM’s weekly e-zine newsletter, send an email with the subject: ‘Subscribe ESM news’ to [email protected]

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.