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Brazil wholesaler Assai posts 76% increase in Q4 net profit -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Assai (cash-and-carry) division of Brazilian retailer GPA SA. It’s pictured alongside Brazil’s national flag in Sao Paulo on January 11, 2017. REUTERS/Paulo Whitaker

(Reuters) – Brazilian wholesaler Assai reported on Monday that fourth quarter net income was 527 million reais ($103.26million). This is higher than the Refinitiv consensus figure of 315.33million reais. To 11.55 billion Brazilian reais, net revenue rose 8.1%. Refinitiv’s forecast of 897 millions reais was beaten by an increase in adjusted earnings before interest tax, depreciation or amortization (EBITDA), which rose to 911million reais. Brazil’s retail industry has struggled with inflation due to lower purchasing power and higher prices.

($1 = 5.1036 reais)

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