Profits of Chile's Cencosud fall by half, hit by inflation
Reuters
Published Nov 10, 2022 03:23PM ET
Updated Nov 10, 2022 04:51PM ET
SANTIAGO (Reuters) -Chilean retailer Cencosud on Thursday posted a 48% drop in its third-quarter profit, the company said in a statement, as it faces rising consumer prices across the region.
Cencosud's net profit in the July to September period totaled 72.97 billion pesos ($81 million), down by nearly half from its 141.3 billion peso profit during the same period last year.
One of Latin America's largest retailers, with operations ranging from department stores to groceries and home improvement, Cencosud runs businesses in Brazil, Argentina, Colombia, Peru as well as its home base, Chile.
The company's third-quarter profit takes into account its operations in Argentina, where annual inflation is seen ending this year at around 100%. But if the effect of surging prices in the South American country are stripped out from its results, Cencosud's quarterly gains would have reached 175.5 billion pesos ($190 million), according to the firm.
Cencosud reported overall revenue growth of nearly 28% year-on-year to reach 3.88 trillion pesos ($4.3 billion). Excluding Argentina's effects, the company said net revenue hit $4.082 billion, up about a third compared to the same quarter last year.
(1 dollar = 900 pesos at end-September)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.