Grupo Famsa, S.A.B. de C.V. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
May 02, 2017
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Grupo Famsa, S.A.B. de C.V. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported total revenues were MXP 3,979,368,000 against MXP 3,839,589,000 a year ago. Operating profit was MXP 307,438,000 against MXP 290,768,000 a year ago. Profit before income tax was MXP 389,531,000 against MXP 124,036,000 a year ago. Consolidated net income was MXP 326,030,000 against MXP 158,337,000 a year ago. EBITDA was MXP 416,000 against MXP 419,000 a year ago. Net cash flows from operating activities were MXP 11,648,000 against net cash flows used in operating activities of MXP 1,002,539,000 a year ago. Acquisition of property, leasehold improvements, furniture and equipment was MXP 24,706,000 against MXP 37,434,000 a year ago. Acquisition of intangible assets was MXP 511,000 against MXP 1,096,000 a year ago. Net debt as of March 31, 2017, totaled MP 8,141 million, 4.2% below YoY. This decrease primarily reflects: the effects of the appreciation of the MXP vs. the USD in first quarter of 2017, which is partially offset by a reduction of 28.5% in cash and equivalents, from MZP 1,504 million in fourth quarter of 2016 to MXP 1,075 million this quarter, and the payment of short-term debt with proceeds obtained from the assets monetized to this date.
Grupo Famsa SAB de CV is a Mexico-based holding company primarily engaged in retail sector. The Company owns and operates a network of Famsa Mexico department stores located in Mexican cities, as well as Famsa USA stores established in the United States. Via its retail network, the Company is active in the import, distribution and sale of household appliances, furniture and consumer electronics, among others. Through Banco Ahorro Famsa SA Institucion de Banca Multiple, the Company is also involved in the provision of a variety of banking and sales financing services to its retail customers.