October 30, 2019 / 10:07 PM / 16 days ago

Brazil's GPA supermarket chain reports 30% rise in third-quarter net income

SAO PAULO (Reuters) - Brazilian supermarket chain Grupo Pão de Açúcar SA (PCAR4.SA) on Wednesday reported a 29.9% rise in third-quarter net income compared with the year-ago quarter, helped by revenue growth and cost cutting.

In a securities filing, the Brazilian subsidiary of French group Casino Guichard Perrachon SA (CASP.PA) said its consolidated net profit hit 166 million reais ($41.61 million)according to new international accounting standards known as IFRS 16.

Considering only continuing operations, net income attributed to controlling shareholders grew by 22.5% to 233 million reais.

On Oct. 16, the retailer forecast a 9.5% rise in gross sales in the third quarter to 14.57 billion reais, as double-digit growth in wholesale unit Assai compensated for flat performance in its other segments.

Quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) rose 3% percent to 839 million reais. Analysts on average expected EBITDA of 813.3 million reais.

GPA shares traded on the Brazilian stock exchange rose 1.4% on Wednesday to 83.07 reais. So far this year, GPA shares have risen 3.6%, while shares of rival Carrefour Brasil have gained 7.5%.

Reporting by Gabriela Mello and Tatiana Bautzer in Sao Paulo; Editing by Matthew Lewis

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