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 - 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 are five years of losses, including 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 Sabancı 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.
Turkey’s Sabancı Holding has a 50.8% stake in CarrefourSA while Carrefour retains a 46.2% share.
