July 25, 2019 / 2:49 AM / 5 months ago

Brazilian retailer GPA Q2 net income tops estimates

SAO PAULO, July 24 (Reuters) - Brazilian supermarket chain Grupo Pão de Açúcar SA reported on Wednesday a 124% surge in its second-quarter net income year-on-year, beating expectations, underpinned by solid revenue in its wholesale unit Assaí.

In a securities filing, the Brazilian subsidiary of French group Casino Guichard Perrachon SA said its quarterly net profit came in at 432 million reais, compared with a consensus estimate of 225.77 million reais compiled by Refinitiv.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) edged up 0.4% to 855 million reais, higher than an average estimate of 722.47 million reais.

GPA shares ended down 0.27% on Wednesday at 88 reais. So far this year, GPA shares climbed less than 10%, while rival Carrefour Brasil surged over 30%.

$1 = 3.7677 reais Reporting by Gabriela Mello and Tatiana Bautzer, Editing by Sherry Jacob-Phillips

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