Brazil’s GPA posts 107.7% increase in 4th-quarter net profit

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Consumers shop at Assai store, cash-and-carry division of Brazilian retailer GPA SA, in Sao Paulo

– Brazilian food retailer GPA reported on Wednesday a net income of 777 million reais ($155.10 million) in the fourth quarter of 2021, a 107.7% increase over the same quarter in the previous year, pushed by a rebound in Colombia’s economy and despite a contraction of consumption in Brazil.

GPA’s fourth quarter net revenue was of 14.875 billion reais, a 6.7% increase year-on-year. Adjusted earnings before interest, taxes, depreciation and amortization fell 9.8% to 1.186 billion reais on a yearly basis, but was above the Refinitiv forecast of 1.0 billion reais.

($1 = 5.0097 reais)

(Reporting by Carolina Pulice; Editing by Leslie Adler)

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