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UPDATE 1-Mexico's Soriana says fourth-quarter profit slid
February 27, 2014 / 6:07 PM / 4 years ago

UPDATE 1-Mexico's Soriana says fourth-quarter profit slid

MEXICO CITY, Feb 27 (Reuters) - Mexico’s No. 2 supermarket chain, Organizacion Soriana, on Thursday said its fourth-quarter profit nearly halved from the year-earlier period as its quarterly tax charge doubled.

The company reported a profit of 565 million pesos ($43 million) compared with 1.05 billion pesos in the October-December period a year earlier.

Mexico’s government approved a fiscal reform last year that went into effect on Jan. 1, prompting some companies to recalculate deferred tax assets at the end of the fourth quarter.

Before taxes, the company’s fourth-quarter profit rose 4.5 percent to 1.653 billion pesos.

Revenue fell 1.7 percent to 28.7 billion pesos, reflecting a downturn in consumer spending in Mexico.

Soriana shares slipped 0.3 percent to 37.93 pesos after the report, compared with a 1 percent gain in Mexico’s IPC index .

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