Covid-19 pandemic led the group to record non-cash contingencies of 76 million euros in the quarter, taking Sonae to the negative.
Provisions made to guard against the effects of the Covid-19 pandemic on the operation led Sonae to negative in the first quarter. The group that owns Continente and Worten closed March with losses of 59 million euros, when a year ago it had recorded profits of 18 million euros in the first three months of the year.
The group’s revenues rose 7.1%, to 1,552 million euros. The group’s results include a before and after the new coronavirus pandemic. “The beginning of the year was very positive for Sonae, with all of our businesses showing strong levels of growth and improving their profitability levels until February, once again demonstrating the strength of our strategies and value proposals.
At the end of February, Sonae Sierra concluded the Prime transaction, a very important milestone in its capital recycling strategy, which further strengthened Sonae’s capital structure. In March, the Covid-19 pandemic hit our main geographies and we started to experience an unprecedented challenge “, highlights Cláudia Azevedo, CEO of Soane, mentioned in a statement.
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