Brazil · Business
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—Recurring profit surged. Assaí’s recurring pre-IFRS 16 net income rose 93.6% to R$344 million (US$67.4 million).
—Tax credits lifted reported earnings. Reported pre-IFRS 16 profit more than doubled to R$537 million (US$105.3 million), including a net nonrecurring benefit from PIS/COFINS credits.
—Sales stayed soft. Gross revenue increased 2.4% to R$21.38 billion (US$4.19 billion), while net revenue advanced only 0.9%.
