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Sonae posts Q1 net loss of 36 million euros

Thu May 21, 2009 4:18am EDT

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LISBON, May 21 (Reuters) - Portuguese conglomerate Sonae (YSO.LS) posted a first-quarter net loss of 36 million euros ($50 million), hurt by lower values on its commercial shopping centre properties.

Sonae, which made a first-quarter profit of 12 million euros in 2008, said late on Wednesday that first-quarter 2009 revenues rose 4.9 percent to 1.26 billion, boosted by its retail business. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 11.3 percent to 118 million euros, while the EBITDA margin rose to 9.3 percent from 8.8 percent.

Analysts polled by Reuters had forecast a net loss of 31.4 million euros and revenues of 1.23 billion euros. (Reporting by Axel Bugge; Editing by Dan Lalor) ($1 = 0.7254 euro)



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