Declining profits at its food retail and manufacturing businesses weighed on China Resources Enterprise results during the first half of the year, the company has revealed.
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Profits for the first six months fell to HK$1.16bn, down from HK$1.49bn last year, CRE said.
Revenue increased to HK$35.05bn in the first half, up from HK$31.81bn in the comparable year-ago period.
In its earnings release, the company said that it intended to expand its retail operations, which contributed 54% of sales during the period.
“Future expansion will be carried out mainly through new store openings supplemented by same-store growth and mergers and acquisitions,” chairman Qiao Shibo said.
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By GlobalDataHowever, Qiao emphasised, the company will take a disciplined approach to expansion, focusing on cost control measures over market share gains through M&A activity.
