LISBON Feb 22 Portuguese retailer Jeronimo
Martins posted on Wednesday a weaker-than-expected 13
percent rise in fourth-quarter net profit after sales rose over
9 percent and the profitability of its key Polish unit improved
Meanwhile, earnings before interest, taxes, depreciation and
amortization (EBITDA) rose 10.7 percent to 235 million euros,
coming in line with market expectations.
The company, which is the largest food retailer in Poland
and the second-largest domestically, said on Wednesday it netted
92 million euros in the last quarter of 2016.
Analysts in a Reuters survey had forecast, on average, a
quarterly net profit of 107 million euros, expecting a drop in
corporate tax payments in the quarter. But the company said it
paid 30 percent more tax than a year ago.
"We are prepared for another demanding year and confident in
our ability to deliver further growth in 2017," Jeronimo Martins
said in a statement.
The EBITDA margin of Jeronimo Martins' Polish unit Biedronka
rose to 7.2 percent in 2016 from 7.0 percent a year earlier as
same-store sales there rose 9.5 percent. The group's overall
like-for-like sales rose 7.2 percent and total EBITDA margin
edged higher to 5.9 percent from 5.8 percent.
(Reporting By Andrei Khalip)