PARIS Feb 12 French meal vouchers group Edenred
posted a 6.4 percent decline in 2013 operating profit
on Wednesday as weaker exchange rates for emerging market
currencies took their toll.
On a like-for-like basis, which excludes currency impacts,
acquisitions and divestments, earnings rose 10.9 percent,
Chairman and Chief Executive Jacques Stern said in a
statement he was confident in the group's ability to "meet this
year's objectives and to generate strong and sustainable
The company posted full-year earnings before interest and
tax (EBIT) of 343 million euros ($469.1 million), against 367
million in 2012 and below a Thomson Reuters I/B/E/S poll average
of 347.5 million.
Edenred, which makes more than 50 percent of its sales in
Latin America, had warned in December that exchange rate changes
in Venezuela could cut full-year operating profit by around 7.5
percent to between 340 million and 350 million euros.
($1 = 0.7312 euros)
(Reporting by Dominique Vidalon; Editing by James Regan)