Sonae Q3 net profit doubles, beats expectations

LISBON Nov 13 (Reuters) - Portugal's retail-heavy Sonae conglomerate's (YSO.LS) third-quarter more that doubled to beat expectations, helped by a one-off gain and as sales rose despite the economic downturn, the company said on Friday.

Sonae, which runs Continente hypermarkets, Worten consumer electronics shops and Sonaecom (SNC.LS) mobile phone company, among other businesses, said net profit rose to 60 million euros ($89.26 million) from 29 million euros a year earlier.

Analysts, on average, expected a net income of 42 million euros in the quarter.

Sonae had a one-off capital gain of 29 million euros in the quarter thanks to a deal in its insurance business.

Sonae said its sales rose over 4 percent to 1.458 billion euros, also slightly beating analysts' forecast of 1.438 billion euros.

Earnings before interest, taxes, depreciation and amortization rose 9 percent to 186 mmillion euros. (Reporting by Andrei Khalip; Editing by Hans Peters)