Portugal retailer Sonae's 9-month sales, operating profit rise
12/11/2014 17:07
LISBON, Nov 12 (Reuters) - Portugal's largest retailer,
Sonae YSO.LS , posted on Wednesday a 6 percent rise in
nine-month operating income as sales rose in all business
segments from food to electronics despite tough price
competition.
Net profit reached 95 million euros, exceeding an average
forecast of 91 million in a Reuters survey. The net profit is
not comparable with 283 million euros posted 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.
The company said that discounting one-off impacts, net
profit increased 48 percent.
Operating income, or earnings before interest and taxes
(EBIT), rose 6 percent to 162 million euros. Underlying earnings
before interest, taxes, depreciation and amortization (EBITDA)
edged up 0.7 percent to 259 million euros, in line with
expectations.
Sonae, which operates Continente hypermarkets, consumer
electronics stores Worten and SportZone outlets of sporting
goods, among other brands, said its sales climbed 4 percent to
3.61 billion euros, largely in line with market expectations.
The conglomerate also operates and manages shopping centres
in various countries via its subsidiary Sonae Sierra, which
earlier posted a steep rise in net profit to 60 million euros
from just 5 million a year ago.
(Reporting By Andrei Khalip, editing by Axel Bugge)
((andrei.khalip@thomsonreuters.com;)(351)(213-509-209; Reuters
Messaging: andrei.khalip.thomsonreuters.com@reuters.net))
Keywords: PORTUGAL SONAE SGPS SA/RESULTS