Chile Cencosud 3rd quarter net profit drops 34.1 pct
SANTIAGO Nov 15 (Reuters) - Chilean retailer Cencosud posted a 34.1 percent drop in third-quarter net profit on Friday, due to higher debt levels related to its recent acquisitions and higher costs.
Net profit at Cencosud dropped to 43.80 billion pesos, or $87.1 million, from 66.50 billion pesos.
Acquisition-hungry retailer Cencosud has aggressively expanded in South America, lured by a growing middle class with easy access to credit.
One of its most high-profile purchases was the $2.6 billion acquisition of French retailer Carrefour's Colombian assets last year.
It has operations in Argentina, Brazil, Chile, Colombia and Peru.
($1 = 502.97 pesos at the end of September) (Reporting by Anthony Esposito; Editing by Bob Burgdorfer)
- UPDATE 4-Train carrying MH17 bodies reaches government-held Ukrainian city
- Abbas-led Palestinian body backs Hamas truce demands in Gaza |
- Rebels likely downed Malaysian jet 'by mistake': U.S. officials
- Islamic State crushes and coerces on march towards Baghdad
- Microsoft sees end to Nokia losses, shares rise after hours