Dia reduces its profit of 20 million in 2017 and another 24.5% in the stock market

Dia reduces its profit of 20 million in 2017 and another 24.5% in the stock market


The Dia calvary in the markets does not seem to end. The supermarket chain has collapsed another 24.5% on the stock market, marking new historical lows, after announcing the reformulation of its 2017 accounts. These reflect a capital deficit of 56 million euros, a fact that began its crisis in the markets. The company reported that most of this reformulation was paid to its market in Iberia.

Although it seemed that the chain's titles could rebound after losing more than half of its value last week, the correction of its 2017 accounts caused another collapse. Specifically, and as reported by Dia, the effect of this change in net profit was 20 million euros, which reduces the total of 110 million initially announced at 90 million. This reduction is due to "overestimations made at the end of that period in commercial discounts to be received from suppliers", as reported by the group.

Likewise, the effect on the reserves was 18 million and is due to the fact that invoices pending receipt from suppliers were recorded in a different period than the corresponding one. On the other hand, the remaining 18 million correspond to items of provisions for various items that the company did not record in the appropriate period.

Thus, these changes caused Dia to consolidate as the lowest valued value of the Ibex. The price for each title of the company has been placed at 0.664 euros, while its capitalization is 413 million euros. In this way, the loss of value of the company so far this year is already 83.4%.

To all this is added the remodeling in its dome carried out last week by the largest shareholder, tycoon Mikhail Fridman, whose influence is increasing. Thus, upon the departure of Ana María Llopis as president, replaced by a man of maximum confidence of Fridman, Stephan Ducharme, was joined the suspension of employment and salary of the financial director, Amando Sánchez, for the lags in the accounts of 2017, and the appointment as executive director of Faustino Domínguez.


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