Portuguese retailer Jeronimo Martins has posted first-quarter net profit of €1.3m (US$1.4m), the first time the company has reported a profit since the first half of 2000.

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Analysts polled by Reuters had forecast net results between a loss of €3.9m and a profit of €2.3m. For the first quarter of last year, the retailer reported a loss of €27.5m.


The company posted revenue of €813m for the first quarter of 2003, compared with €979m a year earlier.


Jeronimo Martins said earnings had been hit by the late occurrence of Easter this year and the effects of exchange rates on earnings from its Polish operations.

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