Brazilian retailer Grupo Pao de Acucar has said its second-quarter net profit more than doubled, boosted by increased sales and lower financial costs.

The company yesterday (4 August) revealed that net income increased to BRL131.7m (US$72.2m) in the second quarter, up from BRL51.7m last year.

Same-store sales gained 16%, while total sales were up 18%, to BRL5.01bn, the company – which is jointly owned by France’s Casino and the Brazilian Diniz family – said.

In a regulatory filing, the group also revealed that financial costs fell 31% to BRL61.1m, as borrowing costs fell and returns on investments rose.

EBITDA rose 15.7% to BRL345.1m, up from BRL298.3m in the second quarter of 2008.