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SAO PAULO – Grupo Pão de Açúcar (GPA) reported consolidated net income attributable to controlling shareholders of R $ 478 million in the second quarter of 2018, an annual increase of 259%, according to a press release to the Securities and Exchange Commission
Also in the annual comparison, earnings before interest, taxes, depreciation and amortization (%) was recorded during the same period of the previous year. Ebitda) increased by 50.7% during the quarter to reach R $ 972 million. EBITDA margin increased from 6% to 8.3%
During the quarter, "other operating expenses" decreased by 70.8% from R $ 308 million to R $ 90 million. Expenses include closing and conversion of stores, for a total amount of about 46 million reaals, and integration and restructuring in the multivarejo, about 43 million reals.
In the second quarter, the net financial result was negative. R $ 147 million, down 21.5% from the negative value of R $ 188 million last year. According to the company, the improvement occurred mainly with the reduction of the cost of debt with the decline in interest rates over the period.
Business Units
Separate the results by (+ 327.8%) and a net business turnover of $ 5.3 billion R $ (+ 23.5%).
In the second quarter of 2007, the multivarejo segment recorded a gain of R $ 64 million between April and June 2018, down 36.3% compared to the previous year.
In the income statement, the GPA also published a consolidated equity of R $ 153 million.
Net Debt
The group reached in June 2018 the net debt of R $ 2.8 billion, down 25.6% from March, while it was the largest in the world. it was $ 3.8 billion. Leverage, measured by the ratio of net debt to EBITDA in 12 months, was 1.06 times in June, compared with 1.63 times in March.
79% of cash and financial investments, from R $ 1.7 billion in March 2018 to R $ 3.05 billion in June. In the second quarter of 2018, WFP invested a total of R $ 330 million, for a total of R $ 5.8 billion.
Investments
During the second quarter of 2018, an increase of 15.1% over the same period last year. In the first half, investments amounted to 659 million reais, up 18.9% over the first half of 2006.
From April to June, 157 million reais were allocated to new stores, land acquisition and store conversions, up 23.8% from one year to the next. In the first six months, these investments totaled R $ 245 million, an increase of 58.3%.
In renovation and maintenance, GPA invested only R $ 101 million between April and June, an annual decrease of 2.2% and R $ 179 million in the first half, an increase of 1%.
Infrastructure and other investments were $ 84 million in the second quarter, up 87% and $ 152 million in the first half. growth of 73.7%.
According to the group, the total investment of R $ 330 million in the second quarter was mainly for the expansion of Assaí network, with the opening of three new stores, and the reforms of six stores Pão de Açúcar . For the whole of 2018, the company plans to open 20 Assaí stores and renovate 20 units of Pão de Açúcar.
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