April 17, 2019 / 5:56 AM / 2 months ago

BRIEF-Ibersol FY Net Profit Down 19.7 Pct YoY

April 17 (Reuters) - Ibersol SGPS SA:

* SAID ON TUESDAY FY TURNOVER 450.1 MILLION EUROS VERSUS 448.3 MILLION EUROS YEAR AGO

* FY EBITDA 61.0 MILLION EUROS VERSUS 65.3 MILLION EUROS YEAR AGO

* FY NET PROFIT 25.1 MILLION EUROS VERSUS 31.2 MILLION EUROS YEAR AGO

* IN 2019 SALES GROWTH IS EXPECTED TO SLOWDOWN IN PORTUGAL IN LINE WITH WHAT HAS BEEN SEEN IN RECENT MONTHS, WHILE GROWTH IN SPAIN WILL BE VERY MODERATE

* IN 2019 IN ANGOLA THE INABILITY TO INCREASE PRICES, AT THE SAME PACE OF DEVALUATION, WILL ALSO LEAD TO A SHARP DECLINE IN THE PROFITABILITY OF THE COMPANY’S OPERATIONS

* INTENDS TO MAINTAIN THE PACE OF OPENINGS IN THE LAST YEARS IN PORTUGAL, AND IN SPAIN, SELECTIVE OPENINGS OF PANS AND RIBS

* IN 2019, WITH IFRS16 APPLICATION, A STRONG IMPACT IS EXPECTED ON THE FINANCIAL STATEMENTS

* ESTIMATES THAT THE RECOGNITION OF THE RIGHT OF USE IN THE ASSET AND THE CORRESPONDING LEASE LIABILITY IS BETWEEN 260 MILLION EUROS AND 290 MILLION EUROS

Source text: bit.ly/2v92H8D

Further company coverage: (Gdynia Newsroom)

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