Portugal's Sonae profit up on higher sales, profitability slips
12/03/2015 06:10
LISBON, March 12 (Reuters) - Portugal's largest retailer,
Sonae YSO.LS , posted an 11 percent rise in 2014 net profit to
144 million euros ($152 million), in line with expectations, as
sales increased and its market share broadened even as price
competition eroded profitability.
Sonae, a conglomerate that operates Continente hypermarkets,
consumer electronics stores Worten and SportZone outlets of
sporting goods, among other brands, said in a statement late on
Wednesday its sales rose over 3 percent to 4.97 billion euros.
Underlying earnings before interest, taxes, depreciation and
amortization (EBITDA), edged up 0.6 percent to 380 million
euros, slightly exceeding the market consensus of 374 million.
Underlying EBITDA margin, which measures profitability, slipped
to 7.6 percent from 7.8 percent.
The net profit was also helped by asset appreciation at its
subsidiary Sonae Sierra, which owns or manages shopping centres
in various countries.
The net profit is not comparable with 319 million euros
reported by Sonae a year ago as it then had a big one-off gain
from a merger between Optimus, the telecom unit of its
subsidiary Sonaecom SNC.LS , and ZON, into NOS NOS.LS .
But the company recalculated year-ago earnings excluding
that impact, putting the 2013 net profit at 129 million euros.
Sonae said the board will propose to shareholders a dividend
payout of 0.0365 euros per share, 5 percent higher than a year
ago.
($1 = 0.9488 euros)
(Reporting By Andrei Khalip)
((andrei.khalip@thomsonreuters.com;)(351)(213-509-209; Reuters
Messaging: andrei.khalip.thomsonreuters.com@reuters.net))
Keywords: SONAE SGPS SA RESULTS/