CHILE: Cencosud H1 boosted by Casino partnership
Cencosud has reported a hike in first half profits to 124.078 billion pesos (US$235m) from 58.939 billion pesos in the same period a year ago, after the retailer gained from a one-time gain.
The Latin American group said that it was boosted by $70m from an extraordinary gain from its recent partnership with Casino - a French-based company - in Colombia.
In a statement the company said: "The increase was due mainly to extraordinary profit from the sale of Cencosud's interest in Mall Plaza and from the contribution made by Casino in the joint venture agreed to develop the Easy format in Colombia."
Sales grew 14.7% to 1.701 trillion pesos and operating profit rose 17.5% to 95.708 billion pesos, in the period.
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French retailer Casino is set to take majority control of Dutch grocer Super de Boer. Casino, which holds a 45% stake in the company, wants to buy a further 6% of the business, it said this morning (2...
France-based retail giant Casino saw underlying annual sales rise almost 4% during 2007, boosted by its stores in Latin America and Asia....
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