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China Resources Enterprise reports 50% drop in 2011 profit

Mar. 22, 2012 (China Knowledge) - China Resources Enterprise Ltd<0291>, an investment arm of China Resources Group, said yesterday that its net profit declined 50% year on year to HK$2.83 billion last year, due to a high comparison boosted by a one-off gain from the sale of its stake in a clothing-distribution joint venture in 2010.

Excluding asset revaluations and one-off gains, the company's underlying profit fell 0.3% year on year.

China Resources Enterprise, the largest beer producer by sales volume and the biggest supermarket operator in China, saw its revenue grow 27% year on year to HK$110.16 billion in 2011, of which HK$100 billion or 90.8% was generated by the mainland market.

The retail division's profit dropped 10% year on year to HK$1.74 billion, due to rising inflation and labor costs. The sector realized HK$70.09 billion in turnover last year, reflecting a year-on-year growth of 27.1%. As of the end of 2011, the firm operated about 4,000 hypermarkets, superstores, supermarkets and convenience stores in China.
The beer division, which has market share of over 20% in China, contributed HK$785 million of net profit, up 15% year on year. The division's turnover jumped 23.9% year on year to HK$26.69 billion.

Net profit from the beverage business fell 19% year on year to HK$126 million and that from food-processing division plunged 34% to HK$278 million.

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