British Tesco’s joint-venture with leading Chinese grocery chain

Tesco will combine its Chinese business with that of Hong Kong-listed retailer China Resources Enterprise (CRE) to form a joint venture, it revealed in a statement.

The British supermarket chain – the world's third biggest – announced also that its net profit slumped by a third in the group's first half, also on restructuring costs and a decline in income from the sale of property.

Tesco reported that net profits dived 33.6 percent to 1.3 billion USD (981 million euros) in the first half of its financial year. (MTI)