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