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AB Vassilopoulos net profit flat, to expand faster

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Wed Mar 10, 2010 4:22pm IST

* 2009 net profit flat at 32.6 mln euros, EBITDA up 26 pct

* Hit by 4 million euro one-off tax

* Sales up 10.2 percent, boosted by acquisitions

* Plans to open 13-18 new stores in 2010

ATHENS, March 10 (Reuters) - Greek supermarket operator AB Vassilopoulos ABVr.AT reported flat 2009 net profit as acquisition-led sales growth was offset by higher costs and a one-off tax, and said it was to accelerate new store openings.

"For the current year, the group plans to accelerate its expansion by adding 13-18 new stores," the company, which operates 216 outlets, said on Wednesday.

AB Vassilopoulos, majority-owned by Belgian group Delhaize (DELB.BR), posted a 2009 net profit of 32.6 million euros ($44 million), saying its bottom line had been hit by a 4 million one-off tax on corporate profit aimed at helping Greece grapple with a ballooning deficit and a 300 billion euro debt pile.

Stripping out the tax, earnings before interest, tax, depreciation and amortisation (EBITDA) rose 26 percent to 88.9 million euros, on sales up 10.2 percent to 1.47 billion.

Operating expenses rose 13.4 percent to 299 million euros, which the company said was due to increased investment in expanding and upgrading its network.

It proposed a 1.0 euro dividend.

Shares in the tightly held group, which is 90 percent owned by Delhaize, were untraded at 34 euros by 1050 GMT.

(Reporting by Tatiana Fragou; editing by Paul Hoskins)

($1 = 0.7369 euro)

((george.georgiopoulos@reuters.com ; +30 210 3376469; Reuters Messaging: george.georgiopoulos.reuters.com@reuters.net)) Keywords: ABVASSILOPOULOS/

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