Carrefour reported a sharp rise in 2012 net profit yesterday, boosted by gains from selling assets in underperforming countries last year.

The French retailer reported net profit of €1.2 billion against €371 million in 2011, but net profit on recurring operations was a more modest €113 million, against a loss of €1.9 billion in 2011.

Carrefour is the world’s biggest retailer by sales after Walmart of the US, and is carrying out a three-year turnround programme driven by Georges Plassat, chairman and chief executive. Since taking over last May, Mr Plassat has sold out of Malaysia, Colombia and Greece and closed its small business in Singapore, raising €2.6 billion to date, both to reduce debt and finance investment in cutting prices in austerity-hit Europe. – Copyright The Financial Times Limited 2013