Marfrig said sales and margins from each of its divisions improved

Marfrig said sales and margins from each of its divisions improved

Brazilian food group Marfrig saw its profitability improve year-on-year in the second quarter.

Marfrig reported a net loss of BRL55.1m (US$24.3m) but that was down sharply from the BRL478.7m recorded a year earlier.

A drop in financial expenses and a reduced impact from foreign exchange helped the result. Marfrig called it its "best result" on that metric in its history.

EBITDA was up 47.9% at BRL379.7m. Margins from each of its Marfrig Beef, Keystone and Moy Park operations improved. "EBITDA margin in excess of 7% at all business units for the third consecutive quarter, signalling a new level of profitability in the company's operations," it said.

Net revenue grew 14.9% to BRL5.18bn. Sales from each of Marfrig's divisions were up. The company pointed to a "strong performance" from exports from Brazil and "solid sales growth" in overseas territories. Both helped offset slower consumer spending in Brazil.