May 14, 2019 / 6:05 AM / 2 months ago

Spain's DIA posts net loss on sliding sales

MADRID, May 14 (Reuters) - Sales slid and losses continued at Spain’s DIA in the first three months of the year, the supermarket chain said on Tuesday, as investors awaited the next step in a takeover bid by Russian tycoon Mikhail Fridman’s investment fund.

Dia posted a net loss of 144.4 million euros ($162.3 million), in line with an estimate in April of 140-150 million euros.

Progress in the takeover bid, an agreement with financing banks and a capital hike would stabilise the situation, DIA said in a statement on Tuesday.

Without these elements it “could deteriorate rapidly and the company could eventually be forced to file for creditor protection and/or liquidation,” it said. ($1 = 0.8898 euros) (Reporting by Isla Binnie; Editing by Paul Day)

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