February 13, 2018 / 7:06 AM / 10 months ago

UPDATE 1-Metro confirms guidance despite Russia profit fall

* Q1 EBITDA excl. real estate up 9 pct

* Metro confirms forecast for 17/18 EBITDA up about 10 pct

* Russia wholesale EBITDA down 11 pct

* Real EBITDA more than doubles

* Shares rise 2 percent in pre-market trade (Adds details, share price indication)

BERLIN, Feb 13 (Reuters) - German retailer Metro managed to make up for a drop in quarterly profits at its Russia business thanks to an absence of restructuring expenses at its Real hypermarkets and other one-off income, confirming on Tuesday its full-year forecasts.

In its fiscal first quarter, Metro posted flat earnings before interest, taxation, depreciation and amortisation (EBITDA) of 608 million euros ($749 million), ahead of an average analyst forecast for 569 million euros, according to Thomson Reuters I/B/E/S data.

The figure for its Russia unit was down 11 percent at 108 million euros, while EBITDA from the German wholesale business rose slightly to 66 million and more than doubled at Real to 99 million as the previous year was hit by restructuring expenses.

Excluding earnings contributions from real estate transactions, group EBITDA rose 9 percent in constant currencies.

Metro last month reported a 9 percent fall in sales at its cash-and-carry business in Russia, which has traditionally contributed a big chunk of operating profits, although it saw an improvement in same-store sales at its core German wholesale unit and its hypermarkets stabilised.

Metro confirmed its 2017/18 forecast for a slight rise in sales and for EBITDA excluding earnings contributions from real estate transactions to increase by about 10 percent.

Shares in Metro rose 2 percent to the top of the MDAX index of German companies in pre-market trade at brokerage Lang & Schwarz.

Metro, which runs wholesale stores in 35 countries as well as struggling Real hypermarkets in Germany, separated from consumer electronics chain Ceconomy last July.

$1 = 0.8116 euros Reporting by Emma Thomasson; Editing by Maria Sheahan

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below