Jeronimo Martins has reported that net profit for the third quarter (Q3) of 2008 hit €56.5m, an increase of 22.4 per cent on the same period of 2007.
The results, partly attributed to strong sales at the group's Biedronka chain in Poland, marked a jump on Reuter's analyst predictions that had pegged net profit at €46.5m.
The retailer said that earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 32.3 per cent to €132.6m, with revenue rising 33.6 per cent to €1.854bn – up on analysts' estimations of €1.809bn.
The first nine months of the year saw net profit jump 38 per cent to €121.4m, the group added.
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