date:Mar 21, 2014
unit in the hopes of cutting costs and tapping the British supermarket operator's international expertise. But some CRE investors dumped its shares after the tie-up, concerned that the Tesco unit had been making losses.
CRE said it expects the joint venture to turn profitable in two to three years.
We are not a miracle worker. I cannot turn it from loss to profit overnight. That is why we have that HK$4.3 billion ($553.77 million) cash to help us to cushion this, CRE Chief Financial Officer Fr