RIO DE JANEIRO, BRAZIL - Via Varejo, owner of Casas Bahia and Ponto Frio, posted a net accounting profit of R$1 billion (US$173 million) last year, compared to a loss of R$1.4 billion the previous year. The performance virtually offset the damage caused by the problems found in the 2019 balance sheet, which led to a billion-dollar adjustment in that year's fourth-quarter balance sheet, a legacy of the previous management.
But last year's number also has extraordinary impacts, positive this time. Without this impact, the profit would have amounted to R$167 million . . .