Brazil’s Food Company Marfrig is Out of the Red

Brazil's Marfrig Marfrig Alimentos, a Brazilian operating in the food sector, which has strong interests in neighboring countries Uruguay and Argentina, turned a profit in the third quarter of this year compared to a year ago, as new acquisitions boosted its capacity.

Marfrig Alimentos reported on Monday net income of 200.5 million reais (115.6 million US dollars) in the third quarter, compared with a net loss of 52.69 million reais a year ago.

Earnings before interest, tax, depreciation and amortization, a measure of cash flow and operational profitability known as EBITDA, rose 59% to 272.53 million reais from 171.45 million reais in the same quarter of 2008, the company said in a regulatory filing.

Poultry production jumped 131% in the third quarter of this year from one year ago, while beef production rose 14.5% and pork production gained 15.4%. Results were helped by recent acquisitions, the company said in a statement.

The company is one of the world's largest beef producers and has made about 40 acquisitions in the past three years. Most recently, it bought indebted Brazilian poultry export company Seara from US commodities company Cargill Inc in September for roughly US$ 900 million.

In the same month, it announced deals to buy a 51% stake in Uruguay-based leather producer Zenda and to lease 12 plants owned by Brazilian meat rivals.

Mercopress

Tags:

Ads

You May Also Like

Brazil’s Ruling PT Party Won’t Field House Speaker Candidate

Brazilian Deputy Aldo Rebelo, from the Partido Comunista do Brasil (PC do B), will ...

No Apologies Necessary

Brazil has its problems, but that’s not something that anyone has to wear as ...

In Brazil, Bodies Are Personal Billboards

For thousands of Brazilians, driven by advertising and the cultural industry, the meaning of ...

Brazil Leather Exports Grow 42% Thanks to Italy, China and US

Leather exports from Brazil totaled US$ 104.41 million in January, representing growth of 42% ...

Common Goals and Challenges in Brazil-US’s Agenda

The United States and Brazil share an important common agenda to further democracy in ...

Shedding Movie Light on Brazil’s and Latin American Left

Perhaps 2004 will go down in history as the year the Latin American Left ...

Ary Barroso’s Herbal Bath

Here’s the story of  how young Brazilian composer Ary Barroso found fame and fortune: ...

Best-seller Books, Plays and Movies

By Brazzil Magazine Alice Através do Espelho (Alice Through the Looking Glass)—Based on Lewis ...

Brazil to Export US$ 2 Billion in Software

President Luiz Inácio Lula da Silva reaffirmed that, until 2007, Brazil intends to export ...

Armed Groups Continue Threatening Indians Evicted from Their Lands in Brazil

In the opinion of Brazil’s National Indian Foundation (FUNAI) adviser in the Brazilian midwest ...