Brazilian retailer GPA cuts 2015 investment budget to $423.2 mln

lunes 23 de marzo de 2015 09:38 GYT

SAO PAULO, March 23 (Reuters) - The board of Brazil's biggest retailer, GPA SA, approved a plan to invest 1.35 billion reais ($423.3 million) in 2015, down from a 1.8 billion reais estimate released by the company in December, according to a securities filing on Monday.

The board also approved 194 million reais in dividend payments for the year.

GPA posted a slightly lower fourth-quarter earnings in February as a larger tax burden offset more profitable operations. ($1 = 3.19 Brazilian reais) (Reporting by Asher Levine; Editing by Jeffrey Benkoe)