BRAZIL: Sales up but profits down at Marfrig
Finance costs hit Marfrig's bottom line
Brazilian food giant Marfrig has filed higher third-quarter sales but seen profits fall on increased selling costs and debt expenses.
Marfrig booked a 15% rise in net revenue to BRL4.94bn.
However, adjusted EBITDA fell from BRL418m a year ago to BRL375m.
The company's bottom line swung from a net profit of BRL90.6m in last year's third quarter to a net loss of BRL194.1m. Marfrig ran up higher financial expenses and exchange losses.
Nevertheless, Marfrig pointed to higher sales and margins compared to the second quarter. It pointed to a "good performance" from its Marfrig Beef arm, which saw sales increase but costs stay "stable".
Companies: Marfrig Group
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