:. Food Industry News

Categories: Corporate Results

Mercator Sees 2008 Net Profit Slide, Slump in 2009

Source: Reuters
17/12/2008

Ljubljana, Dec 17 - Slovenia's top food retailer Mercator sees group net profit sliding by 8 percent to 40.6 million euros ($55.48 million) in 2008 and slumping by 25 percent to 30.2 million euros the following year.

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The company said in a statement on Tuesday revenues in 2008 were expected to rise by 9 percent to 2.7 billon euros and by 5 percent in 2009 to some 2.8 billion.

"The planned (2009) net profit is lower mainly due to the planned lower profit margins and higher costs of financing," Mercator said.

It said the group will invest 159 million euros in 2009 which is at the level of the company's own financial resources so Mercator will not raise its debt in that year.

It added its 2009 plan will be reviewed every three months due to the current economic uncertainties.

Mercator also said 2008 was a difficult year due to high inflation in its first half and the impact of the global financial crisis in the second half of the year, following which consumption and profit margins decreased.

Consumpion is expected to decrease further in 2009 while costs pressures will rise, the company said.

Shares of Mercator lost 2.29 percent to 165.1 euros on Tuesday while the blue-chip SBI index lost 1.04 percent.



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