BRASILIA: Brazilian mall operator BR Malls Participações reported an annual 464 percent fall in net income to a negative 147.6 million Reais in the fourth quarter as an economic downturn weighed on results.
The figure was well below a consensus estimate of a 68.81 million Reais net profit. For the first time in history, BR Malls reported a fall in same-store-sales.
Earnings before interest, tax, depreciation and amortization (EBITDA), a gauge of operating profitability, fell sharply by 330 percent to a negative 542.3 million Reais, missing an estimate of 296.4 million Reais positive EBITDA.
