Net profit for China Resources Enterprise (CRE; 0291.HKG), a state-backed, retail-focused conglomerate, fell 51.6% to US$246 million (HK$1.91 billion) last year, South China Morning Post reported, citing a company filing. Net income in the retail division, CRE’s biggest business, slumped 65.2% to US$129 million. Despite the decline, management expects a promising future due to its joint venture with British supermarket giant Tesco, formed last October. Tesco has not made any profits in China, but CRE wants to turn the situation around in three years.
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