USA: Perdigao Takes Bigger Bite of Brazilian Food Market
Perdigao S.A. (OTC Bulletin Board: PDGOY), one of Brazil's food companies, today reported first half 2000 net income up 7.4 percent to R$ 11.3 million. Consolidated sales came to R$ 934.7 million, representing growth of 14.8 percent under Corporate Law.The performance drivers for the half were a 23.1 percent increase in the volume of meat sales, and even higher sales of other processed products such as ready-to-eat dishes (pastas, pizzas, etc.) that have become increasingly significant factors in Perdigao's financial results."Despite our favorable numbers, the Company's results for the six months were held in check by lower prices, especially in the export markets, and higher costs for our main raw materials -- corn and soybeans -- which remained at levels above those of last year, squeezing margins of the sector", Chief Financial Officer Wang Wei Chang said.Total investments during the six-month period reached R$ 126.2 million, directed mainly to the Buriti Project, in Rio Verde, Goias state, to the acquisition and expansion of Frigorifico Batavia, and modernization and enlargement of the Lages plant in Santa Catarina state, where frozen ready-to-eat pasta production lines are being installed.
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