Companies / Brazil
CBD's Results Take Hard Hit
April 2007 | Company News AlertCBD, Brazil's largest mass grocery retail (MGR) operator, has reported a major drop in net profits for the full year 2006, as profits plummeted 67% down to BRL85.5mn (US$39.2mn) due to non-recurring charges related to outstanding tax payments and restructuring efforts. Although net revenue for the year was up by 3.5% to BRL13.9bn (US$6.3bn), EBITDA fell by 17% to BRL971mn (US$445.4mn). Fourth quarter net profit was down 57% to BRL27.7mn (US$12.7mn), which the company has blamed on declining food prices and a feeble retail environment, as well as the restructuring efforts.
Sorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
If you would like to subscribe to Americas Food and Drink Insight and gain instant access to this article, please click here to subscribe.
If you would like to take a trial to Americas Food and Drink Insight please click on the trial link below.
