Portuguese retailer Jeronimo Martins has reported a 2002 loss of €204.4m (US$216.5m), compared with a loss of €86.5m for 2001.

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Jeronimo Martins, whose operations include retail chains in Portugal and Poland, forecast a return to profits in 2003. Chief financial officer Luis Palha said the company’s goal was to improve market share while keeping costs stable over the next three years, reported Reuters.

The retailer’s 2002 results included €201m in one-time losses, including capital losses from the sale of units during restructuring.

The company reported revenues of €3.63bn, compared with €3.54bn in 2001.

Jeronimo Martins said it was taking a “wait and see” attitude to its partnership with troubled Dutch retailer Ahold, which owns 49% of Jeronimo Martin’s retail unit JMR.

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