BRAZIL: Perdigao's results indicate continuing growth trend
Perdigao S.A., (NYSE: PDA). Perdigao, one of the largest Brazilian food companies and leader in the specialty meats segment, reported third quarter 2000 net income of R$ 8.6 million, an increase of 638% compared to third quarter 1999. Net income totaled R$ 19.9 million for the first nine months, a 70.7% gain over the same period in 1999. The company's good performance is due to its efforts to continually improve operating performance while reducing financial expenses, which have offset high production costs. In the third quarter, gross sales reached R$ 501.2 million, 9.7% higher than gross sales measured in the same quarter of the prior year."The good results this quarter reflect the beginning stages of market recovery." said Perdigao's Chief Financial Officer, Wang Wei Chang. "The sector has been undergoing some difficulties, but the new economic scenario is allowing adjustments in inventories, flat raw material prices and some improvement in sales prices, mainly in the domestic market," he commented.According to Wang, expectations for the last quarter of the year are positive, as during the holiday season there is higher consumption of traditional products. Perdigao's "Boas Festas" line, and its exclusive Chester product, the latter an absolute leader in the special poultry segment, are especially popular during this time of the year. Due to the acquisition of Frigorifico Batavia in April 2000, this year turkey will also be available for consumers' Christmas dinners.While Perdigao is gaining visibility in the domestic market, the trend is to increase its international operations. On October 20, 2000, Perdigao listed its Level II ADR Program (American Depositary Receipts) on the New York Stock Exchange. Perdigao is the first Brazilian food company to be traded on the NYSE.
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