BRAZIL: Marfrig swings to Q2 profit
Brazilian meat processor Marfrig posted an increase in second-quarter net income yesterday (11 August).
Net income for the period reached BRL405m (US$219m), reversing a net loss of BRL38.2m recorded in the first quarter and growing 510% over BRL66.4m posted in the second-quarter of 2008.
Net revenue jumped 97.5% to BRL2.40bn for the period. The figure is up 6.8% on the first-quarter of 2009. Sales volume increased 5.8% from the first-quarter of the year.
The company's processed products division posted net revenue of BRL707.9m - 242.7% higher than in the comparable period of 2008, when the products represented 17% of net revenue.
EBITDA was BRL183.4m in the quarter, increasing 32%.
Marfrig Alimentos has announced that it hopes to raise as much as BRL1.36bn (US$793m) through a new share issue....
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