Business

Supermarket chain GPA posts 70% profit drop in Q4

Brazilian supermarket chain GPA SA reported a 71% drop in its fourth-quarter net income year-on-year, missing market expectations, after completing a corporate reorganisation. In a securities filing, the local subsidiary of French group Casino Guichard Perrachon SA said its quarterly net profit hit R$98 million ($22.45 million) compared with a consensus estimate of R$327.6 million compiled by Refinitiv.

Source: Reuters