The downturn in profit has been accounted for as a result of the impact of the sale of its stake in Outsystems in the second quarter of last year, the company announced.

“Despite the strong operational performance, with growth in sales and profitability, the net result attributable to shareholders was €38 million, below the value recorded last year, mainly due to the capital gains in the second quarter of 2018 from the Outsystems transaction,” the company said in a statement.

In the first six months of this year, Sonae’s consolidated turnover was up 11 percent on a year earlier to €2.985 billion, “with a particularly strong contribution from [food retail unit] Sonae MC, solid growth in [technology investment arm] Sonae IM and an improvement of performance of Worten and Sonae Fashion in the second quarter,” the statement reads.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 9.6 percent on the year to €284 million, the company reported.