LISBON, March 16 (Reuters) - Sonae , owner
Portugal's largest food retailer, on Thursday reported a 21%
jump in fourth-quarter net profit as one-off capital gains more
than offset the impact of high inflation and energy costs on its
supermarkets business.
The conglomerate, which has businesses in sectors from
retail to telecoms, made net profit of 132 million euros
($139.74 million) in the three months to Dec. 31 after booking
142 million euros in one-off capital gains, mainly from asset
sales.
The squeeze on margins from soaring inflation and energy
costs meant that net income at Sonae MC, which runs about 300
hypermarkets and supermarkets, fell 16% to 56 million euros
despite a 14% increase in sales to 1.68 billion euros.
Food prices rose 19.5% in the quarter, Sonae said.
"To avoid a greater burden on family budgets, our retail
businesses bore part of the inflationary pressure at the expense
of their own profitability," Chief Executive Claudia Azevedo
said in a statement.
Underlying consolidated earnings before interest, tax,
depreciation and amortisation (EBITDA) rose 4.9% to 195 million
euros in the quarter. However, the underlying EBITDA margin - a
key measure of profitability - fell to 8.7% from 9.3% a year
earlier.
($1 = 0.9446 euros)
(Reporting by Sergio Goncalves
Editing by Inti Landauro and David Goodman)
Messaging: sergio.goncalves.reuters.com@reuters.net))
