RIO DE JANEIRO, July 25 Brazilian consumer goods maker Hypermarcas on Friday posted second-quarter profit more than six times larger than the same period a year earlier after eliminating the impact of a fluctuating exchange rate on earnings.
Net income was 122.2 million reais ($55 million) in the three months ended June 30, up from 19.3 million reais in the same period of 2013, when a currency swing battered profit.
It beat the average net income estimate of 112 million reais in a Reuters survey of seven analysts.
Since the end of last year, the company has used hedging instruments to mitigate the effect of currency fluctuations.
Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, was 287.6 million reais, 11.5 percent more than the same period last year and slightly above the average forecast of 281 million reais.
($1 = 2.22 Brazilian reais) (Reporting by Juliana Schincariol; Writing by Caroline Stauffer; Editing by Mohammad Zargham)