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The entity linked to Horst Paulmann indicated that the financial expenses due to the repurchase of bonds affected the last line.
The ravages of the health crisis are beginning to be reflected in Cencosud’s quarterly results. And is that the firm chaired by Horst Paulmann -which was at the center of the controversy after its subsidiaries submitted to the employment protection law and at the same time the holding company distributed dividends beyond the legal minimum, recorded losses of $ 71,024 million between January and March, which compares with the profit of $ 151,436 million that it had in the same period last year.
According to the results reported by the firm to the Commission for the Financial Market (CMF), the loss This is explained by the increase in financial expenses, after the extraordinary payment of US $ 68 million was originated in the period for the repurchase of international bonds and an expense of US $ 30 million due to the effect on the coverage to which said bonds were assigned. bonds.
Added to all this, is the effect that the exchange rate generates in finances, which implied a negative effect of $ 60,195 million, due to the greater exposure and volatility of the currencies in the countries where it operates, in addition to a change in exposure. accountant. Additionally, the company recognized a drop in the revaluation of investment properties due to a more conservative estimate in the shopping center business.
For its part, the company’s income increased by 10%. In March – and as a consequence of the change in habits that it generated in the way of buying – Cencosud reported increases in e-commerce sales (52.4%), highlighting Chile with an increase of 84.4%, followed by Argentina and Colombia with 56.0% and 53.1% in local currency, respectively.
Likewise, in physical sales in Supermarkets, it registered a growth of 52.1% – due to the uncertainty associated with the supply of products – as they explained, and the Home Improvement and Department Store divisions increased by 36.9% and 59.1% , respectively.
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Department stores had an 11.5% drop in revenues, considering the closure of stores and shopping centers due to the effect of lower leases collected as of the close of March 19.
Due to the Covid-19, the The conglomerate closed 126 stores in the five countries where it operates (Argentina, Brazil, Colombia, Peru and Chile), equivalent to 14% of its universe. Of these, the most affected was Chile, with 79 stores not operating.
Meanwhile, recurring adjusted Ebitda grew 18.7% as a result of better performance in the five countries in which it operates, after the focus on operating efficiencies, adjustments in the sales mix and better management of working capital.
In addition, the sale of 51% of the financial services business in Peru ($ 92,476 million) was recorded in the results of the first quarter of last year.
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