CarrefourSA, the Turkish affiliate of the French retail giant, has announced a rise in net profit of 150 per cent for the first quarter of 2014 compared with the year-earlier period.
The company posted a profit of TL3.7m (€1.26m), its first following five years of losses, including a TL100.1m (€34.2m) loss in 2013.
Chief executive Mehmet Nane attributed the turnaround to new strategies being employed at the company. 'We set a new strategy for the companywith Sabancı Holding and poured resources into bettertechnology,' he said. 'After the implementation of the new strategieswe have results with profit.'
The retailer'stotal assetsincreased by TL43m (€14.7m) to 1.61bn (€550m) in the first quarter of the year.
Turkey’s Sabancı Holding has a50.8 per cent stake in CarrefourSA while Carrefour retains a46.2 per cent share.
