Portuguese retailer Jeronimo Martins last night [Thursday] reported 2001 net losses of €86.51m (US$76.2m), down from €63.87m the previous year. Six analysts polled by Reuters had forecast losses of between €73.1m and €90.1m, so the results fell squarely within this range.
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The loss included exceptional items such as provisions for capital gains from the sale of the Vidalgo, Melgaco e Pedras Salgadas unit and provisions for assets.
Sales revenues climbed to €4.2bn from €3.92bn, the group said.
Jeronimo Martins has a retail alliance with Dutch retail giant Ahold. It has operations in Poland and Brazil as well as Portugal.
Operational costs climbed form €825.25m in 2000 to €873m while financial costs inched up because of overheads incurred while applying international accounting standards to Brazilian operations.
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By GlobalDataThe group has made debt reduction its number one priority going forward. During the year under review, debt was pinned back from €1.59bn to €1.3bn, with €200m savings coming in the fourth quarter thanks to reduced investments in working capital.
“During 2002, the group’s priority will continue to be the significant reduction in debt, with a view to rebalancing its financing structure,” Jeronimo Martins said.
The debt reduction programme will include selling off non-strategic assets, reported Reuters.
