BOGOTA, May 28 (Reuters) - Colombia's largest retail chain Almacenes Exito said on Thursday that net profit fell 29.2 percent in the first quarter compared with the same period a year earlier because of an increase in taxes.
Net profit at the company, a subsidiary of French conglomerate Casino, reached 69.9 billion pesos ($27.4 million) between January and March, compared with 98.7 billion in the first quarter of 2014.
"The company recorded non-recurring costs related to the wealth tax imposed under the new tax reform," Exito said in a statement to Colombia's financial regulator, referring to a recent expansion of corporate taxation.
Without the tax changes net profit would have increased 20.2 percent, Exito said.
Earnings before interest, taxes, depreciation and amortization were up 5.9 percent to 178 billion in the first three months of the year, compared with the same period the year before.
($1 = 2,548.13 Colombian pesos)
Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by W Simon