The third quarter was undeniablypositive for Sonae. On a consolidated basis we enjoyed double-digit growth inturnover and EBITDA, we improved the competitive standing of our mainbusinesses and we continued to strengthen our capital structure.
On a comparable basis, all of ourretail businesses grew, most notably Continente which retained its status asthe acknowledged price leader in the market.
Sonae Sierra successfully openedParkLake, the first Sierra shopping centre developed in Romania and maintainedhigh occupancy rates and profitability levels in European and Brazilianoperations.
In telecommunications NOS remainedas the operator with highest turnover growth in the market, continued toimprove profitability and secured a pivotal position in the management of sportcontent.
In the year-on-year comparison,consolidated debt at the end of the period continued to decline, and currentlyhas a lower cost and extended maturity, reflecting a more robust balance sheet.
All in all,comforted by the success of adopted strategies, and standing on a greaterfinancial strength, we face future challenges with renewed confidence.
Co-CEO da Sonae