July 24, 2018 / 10:40 PM / 5 months ago

Brazil's GPA beats profit estimates due to tax benefit recognition

SAO PAULO, July 24 (Reuters) - GPA, one of Brazil’s largest food retailers, reported quarterly results that soared past profit estimates on Tuesday, due in significant part to the recognition of massive tax credits.

In a securities filing, GPA, owned by France’s Casino Guichard Perrachon SA, posted second-quarter net income of 526 million reais ($140 million), up over 350 percent from the same period a year ago, and well above a Reuters consensus estimate of 150 million reais. (Reporting by Gram Slattery Editing by Leslie Adler)

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