Despite drop in profit, Tesco can stay in Hungary

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Despite U.K.-based supermarket giant Tesco’s group-level operating profit coming to £354 mln without exceptional items in H1, some 54.6% less than in the same period a year earlier, Tesco can continue operations in Hungary, the firm’s H1 interim report reveals. Earlier news reports suggested that Tesco could pull out from Hungary, Slovakia, the Czech Republic and Poland.

The firm concluded its portfolio reshaping with the sale of Homeplus, its South Korean unit, the interim report reveals. Due to the portfolio review Tesco has now wound up, the firm expects to continue operations in Central Europe, the report says, adding that Tesco will focus on increasing the level of cash generated from its retained assets.

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