July 26, 2018 / 6:08 AM / 4 months ago

Spain's DIA risks guidance as core profit keeps falling

July 26 (Reuters) - Spanish food retailer DIA posted on Thursday an 19 percent drop in first-half core profits to 225.7 million euros ($264.84 million), putting at risk the company’s full-year guidance for the second year in a row.

The supermarket chain which also owns brands such as La Plaza or Clarel has been struggling with strong currency devaluation in Latin America as well as competition pressure from sector leader in Spain, Mercadona.

The firm’s CEO guided earlier this year on adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) growing in Iberia in 2018, but analysts expect the objective to be difficult to deliver.

DIA posted an adjusted EBITDA of 568.6 million euros last year. ($1 = 0.8522 euros) (Reporting by Anita Kobylinska Editing by Julien Toyer)

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