Brazilian food group Marfrig has seen its losses widen in the first quarter, hurt by the cost of integrating plants acquired from Brasil Foods.
In the three months to the end of March, the company booked a net loss of BRL81.2m (US$40.5m) compared to a net loss of BRL34.5m last year. In 2012, net income benefited from an exchange variation gain of BRL$96.4m, compared to BRL$41.1m this year.
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Operating losses also widened, to BRL748.2m from BRL546.8m in the prior year. Sales, however, grew 28.3% to BRL6.42bn, driven by sales volume growth of 4.3%.
Looking to the remainder of the year, Marfrig said margins in the beef segment remain “pressured” early in the second quarter, but that it remains “cautiously optimistic” on the remainder of the year.
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