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China Resources Enterprise says Tesco JV to break even in 3-5 years

Reuters - UK Focus

HONG KONG, Aug 21 (Reuters) - China Resources Enterprise Ltd (HKSE: 0291.HK - news) (CRE) Chief Financial Officer Frank Lai said on Thursday he expects the retail conglomerate's joint venture with British supermarket firm Tesco Plc (Xetra: 852647 - news) to break even in the next three to five years.

Lai, who was speaking at a news conference following CRE's interim results, said the three- to five-year turnaround time was longer than previously anticipated due to China's slowing economy.

CRE is backed by the Chinese government. It posted an 8.7 percent drop in first-half net profit due to a weak retail market in Mainland China and costs associated with its Tesco JV. (Reporting by Donny Kwok; Editing by Kenneth Maxwell)