DIA reduces losses by 44% due to lower financial expenses

DIA reduces losses by 44% due to lower financial expenses

In the first half of the year, the group’s losses amounted to almost 105 million euros, compared to 189 million lost a year ago, the group said in a statement.

While in the first half of 2020 there were losses of 131.7 million euros in the financial results section, in the same period of this year the negative balance was reduced to 34.8 million, “benefited from active exchange rate risk management”.

Net sales fell 9.1%, to 3,194 million euros, weighed down by an unfavorable comparison, due to the extraordinary purchases of hoarding that unleashed the COVID-19 pandemic in the second quarter of 2020.

It also hurt the sales figures that Latin America put aside a devaluation of 34% in the Argentine peso and 7% in the Brazilian real compared to the second quarter of 2020.

The gross profit margin, as a percentage of sales, increased during the second quarter to 23.1% from 22.1% compared to the same quarter of the previous year, “thanks to operational improvements, including logistics optimization and food waste reduction”.

The recent capital increase and debt conversion has allowed net financial debt to have fallen to 342.6 million euros after the end of the second quarter, compared to 1,276 million euros at the end of 2020.

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