Brazilian meat giant Marfrig has returned to profit in the third quarter of the year.
In the three-month period, net income amounted to BRL$10.4m (US$5.1bn), reversing a net loss of BRL$540m recorded a year ago.
Marfrig put the performance down to an improvement in the product mix at Seara Foods, with an increase in the share of higher-value added products. It also pointed to the incorporation of new assets received from Brasil Foods, and a "good performance" from its beef operations.
EBITDA reached BRL$514m, an increase of 19.3% on last year, driven by a "better control of expenses" and increased prices for higher-value added products.
Sales in the period climbed to BRL6.5bn from BRL5.52bn in the year-ago period.
Source:
http://www.just-food.com/news/marfrig-returns-to-profit-in-q3_id120955.aspx
