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Red-chip conglomerate China Resources Enterprise (CRE) said yesterday that its net profit rose by 3.1 per cent year-on-year in the third quarter as losses from its retailing unit narrowed.

Net profit went up to HK$372.02 million (US$47.69 million) in the third quarter and by 3.3 per cent to HK$1.12 billion (US$143.81 million) in the first nine months.

Turnover grew by 20.9 per cent to HK$25.05 billion (US$3.21 billion).

"On the back of a pick-up in the local economy and a growing mainland market, the group has gradually weathered the disruption caused by the outbreak of SARS and the US/Iraq war in the first half," the company said.

CRE's retailing operations lost HK$22.68 million (US$2.91 million) in the third quarter, down from HK$72.97 million (US$9.36 million) in the second quarter, when they were hit by the SARS epidemic.

The cost in its retailing unit was brought down as the company slowed its supermarket expansion on the mainland. The plan for new stores this year has been trimmed to 26 from an original target of more than 60.

CRE's food processing and distribution division reported 15.3 per cent growth in net profit to HK$98.88 million (US$12.68 million), as its promotion of high-quality fresh meat paid off.

Net profit from its beer brewing unit increased by 13.3 per cent to HK$69.94 (US$8.93 million). The company sold 2.1 million kilolitres of beer in the first nine months, up 7.4 per cent.

Textile business registered 25.5 per cent in the first three quarters despite the sharp rise in cotton prices. The increase was attributable to cost control and contribution from newly-acquired textile plants, company said.

Net profit from the petroleum and chemical distribution operations increased by 7.5 per cent in the third quarter.

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