Carrefour, a France-based hypermarket retailer, reported a huge growth in net income to €902m in the first half of 2013 compared to €3m in year-ago period.

Net sales during the first half of 2013 increased by 1.4% at constant exchange rates to €36.4bn compared to -0.8% for the year-ago period.

During the period, recurring operating income increased by 7.7% at constant exchange rates to €766m.

Considering into account the impact of exchange rates, recurring operating income was up 4.9%.

The retailer has shown a rise in recurring operating income in France and in Latin America at constant exchange rates.

On the other side, Southern Europe was impacted by the economic environment.

During the first half of 2013, the company sales were up 1% in France, 13.3% at constant exchange rate in Latin America, and 2.7% in Asia.

European market has shown negative impact on group sales, which were down by 4.5% at current exchange rates.

Carrefour and CFAO have entered into agreement to form a joint venture in May 2013.

The joint venture will be 55% owned by CFAO and remaining share will be owned by Carrefour.

This venture will be focussing on Western and Central Africa by developing various store formats.

In Turkey, the group reorganised its partnership with Sabanci Holding, transforming the governance of their Carrefour SA joint venture.

Carrefour sold its 25% stake in Majid Al Futtaim Hypermarkets for €530m to its regional partner in May.