Metro Profit Lifted by Lower Tax Rate
August 02 2016 - 1:59AM
Dow Jones News
By Ulrike Dauer
FRANKFURT--Metro AG (MEO.XE) said net profit in the fiscal third
quarter almost quadrupled, helped by a lower tax rate.
The company, which runs food retailers, wholesalers and a retail
electronics chain, said quarterly net profit rose to 79 million
euros ($88.28 million) from EUR22 million in the same period a year
earlier.
Sales fell 2.7% to EUR13.59 billion, mainly because of negative
currency-translation effects.
Quarterly earnings before interest and taxes excluding special
items, widely considered a better yardstick of operating
performance, fell 26% to EUR154 million, which Metro attributed to
negative currency translation effects, and lower real-estate
disposal gains.
Earnings per share excluding special items rose to EUR0.24 from
EUR0.07.
Metro said it was on track for slight rises in sales and EBIT
for the full year, "despite the persistently challenging economic
environment."
Metro recently announced it would divide its business into a
food and an electronics division. Analysts reacted positively to
the announcement at the time. Metro's electronics chain MediaSaturn
was a growth driver in the third fiscal quarter, reporting a 1.5%
sales rise.
"We are on the right track with our transformation of the
company to achieve more growth, customer orientation and
entrepreneurial behavior: That is once again confirmed by the
record figure for delivery sales and the continued growth of the
online business," said Chief Executive Olaf Koch.
-Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
August 02, 2016 02:44 ET (06:44 GMT)
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