BRAZIL: Meat group Marfrig books 2013 loss
Underlying earnings fell in 2013, amid pressure on profits from domestic beef arm
Brazilian meat group Marfrig fell into the red in 2013, hit by foreign exchange and losses from derivatives.
Marfrig booked a net loss of BRL816m (US$347.6m), which compared to a profit of BRL264m in 2012.
The company reported a 26% fall in EBITDA, which dropped to BRL1.38bn. Adjusted EBITDA, which excluded one-off items, was still down, sliding 4% to BRL1.45bn.
The fall in profits came in part due to lower margins at the company's Marfrig Beef, amid pressure on prices and an over-supply of beef at the start of the year.
Marfrig reported a 14% rise in net revenue to BRL18.75bn. Moy Park, its European division, saw sales increase 18%. Sales from Marfrig Beef climbed 14% to higher exports and domestic foodservice sales. Keystone, Marfrig's poultry arm, saw sales rise 10%.
Marfrig Beef continued to account for a majority of the company's adjusted EBITDA. However, in 2013, Moy Park generated 21% of the group's adjusted EBITDA, up from 16% in 2012. Keystone's proportion rose from 20% to 24%.
Click here for the full statement from Marfrig.
Keystone Foods LLC - SWOT, Strategy and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, produc...
The report presents detailed data on consumption trends in the Ambient Meat category in Brazil, analyzing consumption volumes and values. It also provides indispensable data on distribution channels, ...
The report presents detailed data on consumption trends in the Cooked Meats - Counter category in Brazil, analyzing consumption volumes and values. It also provides indispensable data on distribution ...
The report presents detailed data on consumption trends in the Cooked Meats - Packaged category in Brazil, analyzing consumption volumes and values at segment level. It also provides indispensable dat...
- M&A Watch: Raisio should sell to private equity
- Infographic: Snapshot of Japan's food sector
- Briefing: Expansion agenda of Japan's food majors
- On the money: Solid Lindt outpaces chocolate peers
- Analysis: Market bets on higher Chiquita offer
- Kerry cools claim spreads move could hit jobs
- Pork Farms buys Kerry Group's pastry plants
- Profits up at chocolate group Lindt
- Japan's Sanyo takes stake in Olam's food biz
- Arla confirms extent of job cuts after Russia ban