MTTRY Ceconomy AG (PK)

   By Anthony Shevlin 
 

Germany's Ceconomy AG (CEC.XE) said Thursday that it posted a loss in the second quarter due to an impairment charge related to its stake in Metro AG (B4B.XE)

The German retailer of electrical goods said the loss for the quarter was 68 million euros ($80.3 million) compared with a loss of EUR13 million for the same period last year.

Ceconomy said its net financial result was hit by an impairment of its stake in Metro AG of EUR131 million, though this was partially offset by a Metro AG dividend of EUR25 million.

Reported sales for the quarter fell 0.2% to EUR5.25 billion, the company said. On a like-for-like basis, sales declined 0.1%.

Earnings before interest and taxes for the quarter were EUR18 million, compared with a loss of EUR19 million the year previous.

Ceconomy runs retail chains Media Markt and Saturn. It was created in July 2017 following the demerger of Metro Group into retailers Metro AG and Ceconomy.

Ceconomy confirmed its outlook for the financial year 2017-2018 and expects a slight on-year increase in total sales.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

May 17, 2018 01:28 ET (05:28 GMT)

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