During the third quarter of the year, Grupo Casa Saba's gross income increased 2.43% versus the same period of the previous year to reach $762.04 million. This growth was primarily driven by our Private Pharma division.
The company's gross margin was 10.87%, 26 basis points lower than the 11.13% margin posted during 3Q08. The margin was affected by an increase in the cost of sales resulting from less favorable commercial conditions with the main Brazilian wholesalers.
GCS's operating expenses reached $551.63 million in 3Q09, an increase of 6.52% compared to the third quarter of 2008. The increase in expenses continues to be related to our Brazilian operations.
Operating expenses represented 7.87% of our total sales in 3Q09 compared to 7.75% during the same period of the previous year.
Quarterly operating income was $210.41 million, 6.93% lower than the $226.07 reported in 3Q08. This decline was due to the fact that the growth in sales was not sufficient to offset the increase in operating expenses.
The operating margin was 3.00%, 38 basis points lower than the 3.38% margin registered in the third quarter of 2008.
OPERATING INCOME PLUS DEPRECIATION AND AMORTIZATION
Operating income plus depreciation and amortization for 3Q09 was $235.41 million, a decrease of 5.72% compared to the third quarter of 2008. Depreciation and amortization for the period was $25.00 million, 5.90% higher than in the third quarter of 2008.
CASH AND CASH EQUIVALENTS
|SOURCE Grupo Casa Saba|
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