Chile Cencosud 3rd quarter net profit drops 34.1 pct

SANTIAGO Fri Nov 15, 2013 6:14pm EST

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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.