Brazilian retailer CBD has booked a jump in second-quarter net profit, boosted by lower financing expenses and the inclusion of property-related gains.
Net income totalled BRL$255m (US$125m), up 179.7% compared to the second quarter of last year. The figure was boosted by a 60 bps drop in in the cost of borrowing and the inclusion of profit from the group’s real estate unit, the company said in an earnings update today (24 July).
At its food division, which excludes its home improvement business, CBD reported net income of BRL253m, up 171.3%.
CBD also booked an increase in EBITDA, which rose 22.8% to BRL787m. Gross profit totalled BRL3.2bn, up 7.2% on the year.
The company said gross sales were up 7.2% to BRL13.5bn, despite the economic slowdown in Brazil. The company said revenues were driven by a “faster sales pace” at its supermarket and neighborhood formats.
