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Eurocash discounts operator increases income 47 percent

APA - Austria Presse Agentur
opublikowano: 05-08-2005, 16:00

Warsaw (Puls Biznesu) – In the second quarter, Eurocash, the operator of 92 discount gross sellers cash & carry, had PLN 9.8m (EUR 2.4m) of net income against PLN 6.7m a year ago. This is an increase of 47 percent. Sales grew 14 percent to PLN 422.8m from PLN 371.6m in the same period of 2004. “Second quarter results are in accordance to our expectations.

Warsaw (Puls Biznesu) – In the second quarter, Eurocash, the operator of 92 discount gross sellers cash & carry, had PLN 9.8m (EUR 2.4m) of net income against PLN 6.7m a year ago. This is an increase of 47 percent. Sales grew 14 percent to PLN 422.8m from PLN 371.6m in the same period of 2004. “Second quarter results are in accordance to our expectations. I am very pleased with sales growth of gross sellers, which amounted to 9.3 percent in the second quarter of 2005. We have also managed to complete the process of integration of MHC outlets”, Luis Amaral, Eurocash CEO said.

Investors were quick to welcome the news. Yesterday, shares were traded at PLN 4, which means a 10 percent rise. “Income is growing much faster than sales. Improving profitability is quickly reflected in the market price of the shares”, Remigiusz Sopel, IDM brokerage analyst commented. He added that the whole retailing sector was doing very well and the results for the second half of the year should be even better. In the first quarter, Eurocash had net income of PLN 2.4m against PLN 1m a year ago. The company did not publish forecasts.

(PLN 1 = EUR 0.245)

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Podpis: APA - Austria Presse Agentur