China Resources says Tesco JV on track to break even in 3-5 yrs

HONG KONG, March 20 (Reuters) - China Resources (HKSE: 0291-OL.HK - news) Chief Financial Officer Frank Lai told reporters on Friday that the company's joint venture with Tesco Plc (Xetra: 852647 - news) is still on track to break even in 3 to 5 years.

Earlier in the day, the company reported its first annual loss since its listing more than two decades ago, hurt by start-up costs for its Tesco joint venture.

(Reporting by Donny Kwok; Editing by Miral Fahmy)