April 26, 2018 / 10:01 PM / in 6 months

Brazil's GPA beats profit estimates on higher wholesale revenues

SAO PAULO, April 26 (Reuters) - Brazilian food retailer GPA , which controls some of the largest supermarket chains in the country, beat first-quarter profit estimates on Thursday after a strong performance by its wholesale unit.

In a securities filing GPA, owned by France’s Casino Guichard Perrachon SA, said net income rose 7.8 percent to 226 million reais ($65.05 million), beating a Reuters consensus estimate of only 8 million reais. GPA said an increase of 25 percent on revenues from wholesale chain Assai boosted its results.

Earnings before interest, taxes, depreciation and amortization (EBITDA) came to 503 million reais in the quarter, slightly below a Reuters consensus forecast of 510 million reais.

$1 = 3.4745 reais Reporting by Marcelo Teixeira Editing by Tom Brown

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