Grupo Famsa, S.A.B. de C.V. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017
July 26, 2017
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Grupo Famsa, S.A.B. de C.V. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total revenues of MXN 4,268,115,000 against MXN 4,311,303,000 a year ago. Operating profit was MXN 268,718,000 against MXN 326,825,000 a year ago. Profit before income tax was MXN 214,058,000 against MXN 20,895,000 a year ago. Consolidated net income was MXN 380,341,000 against MXN 162,259,000 a year ago. EBITDA was MXN 375 million against MXN 419 million a year ago. Net sales were representing a slight decrease of 1.0% year-on-year, due to the low performance of its business units in the United States and a challenging environment in the operations in Mexico. EBITDA is representing a 10.6% annual decrease as a result of a lower sales volume and a higher proportion of costs, which followed the increase in the average cost of funding of Bank Deposits.
For the six months, the company reported total revenues of MXN 8,247,482,000 against MXN 8,150,892,000 a year ago. Operating profit was MXN 576,163,000 against MXN 617,594,000 a year ago. Profit before income tax was MXN 603,596,000 against MXN 144,933,000 a year ago. Consolidated net income was MXN 706,378,000 against MXN 320,599,000 a year ago. Net cash flows generated from operating activities were MXN 1,266,795,000 against net cash flows used in from operating activities of MXN 216,304,000 a year ago. Acquisition of property, leasehold improvements, furniture and equipment was MXN 56,375,000 against MXN 83,979,000 a year ago. Acquisition of intangible assets was MXN 4,523,000 against MXN 2,249,000 a year ago. EBITDA was MXN 791 million against MXN 838 million a year ago. Net debt as on June 30, 2017 was MXN 7,063 million.
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.