France: Auchan profit rise due to China
Auchan said the profit was helped by a 355-million-Euro capital gain generated by its partnership operated by Auchan and Chinese group Ruentex.
The French group said profit for the year would have dropped by 9.0 percent the partnership.
Auchan's said consolidated sales rose in 2011 by 4.4 percent to 44.4 billion Euro, with 55-percent of sales being made outside France.
In a statement, the company said that sales growth occurred mainly in new markets, such as Russia and China.
In the Eurozone, "our clients are suffering from the effects of the crisis and austerity plans intended to resolve debt problems," said chief financial officer Xavier de Mezerac at a news conference.
Source: www.expatica.com
