Brazil's Hypermarcas posts strong Q1 profit on asset sales
BRASILIA, April 27 (Reuters) - Hypermarcas SA, the largest Brazilian maker of over-the-counter medicines, reported a strong first-quarter profit on Wednesday after selling assets in non-core activities.
Net income jumped to 1.008 billion reais ($286.17 million), up from 90.7 million reais a year earlier, according to a securities filing.
Earnings from continuing operations before interest, taxes, depreciation and amortization rose 11.2 percent from a year earlier to 310.3 million reais.
Hypermarcas began selling off businesses last year to pay off debts and focus on pharmaceuticals as Brazil's economy plunged into recession.
It sold its contraception division to Britain's Reckitt Benckiser in January for 675 million reais, exited its diapers unit and concluded the sale of its beauty care division to Coty Inc in February. ($1 = 3.5224 Brazilian reais) (Reporting by Silvio Cascione Editing by W Simon)
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