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Ceconomy AG Reports Profit In Q2; LFL Group Sales Down 1.7% - Quick Facts

Ceconomy AG (MTAGF.PK,MTTRY.PK) reported an improvement in its second-quarter net earnings year-on-year largely due to the impairment of its stake in METRO AG, which took place in the prior-year period. Excluding the earnings contribution of Fnac Darty, adjusted Group EBIT was around the previous year's level. The company adjusted its full year outlook for exchange rate effects and before portfolio changes.

For the second-quarter, profit attributable to shareholders from continuing operations was 25 million euros compared to a loss of 62 million euros, prior year and profit per share from continuing operations was 0.07 euros compared to a loss of 0.19 euros. EBIT declined 59.2% to 19 million euros. Excluding the earnings contribution of Fnac Darty, adjusted Group EBIT was at 24 million euros compared to 26 million euros, a year ago.

Second-quarter Group sales were down 2.0 percent to 5.0 billion euros. Adjusted for currency and portfolio change effects, sales were down by 1.1 percent. On a like-for-like basis, Group sales recorded a decrease of 1.7 percent.

For financial year 2018/19, CECONOMY expects a slight increase in total sales. CECONOMY projects a slight decline for fiscal year EBITDA and EBIT.

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