Further reduction in losses at Sonae Industria

In the first quarter of 2012, Sonae Industria was able to further reduce losses to €3m and parallel to that improve the recurrent EBITDA. The first quarter of 2011 had seen the company show a net loss of €21m. From April to June 2011, there was a further deterioration to a net loss of €24m. The third and fourth quarters saw the net loss progressively reduced to €9m and €4m respectively. The net loss for the whole of 2011 therefore totalled €58m. The pre-tax result in the first quarter of 2012 showed both year-on-year and quarter-on-quarter improvement, but at minus €3m was still slightly in the red. The operating result improved from €4m in the fourth quarter of 2011 to €11m in the first quarter of 2012.