Brazil-based beef producer Minerva saw losses widen in 2013 but domestic and overseas growth helped sales grow.
Minerva booked a net loss of BRL314.3m (US$133.7m) for last year, compared to a BRL198.8m loss in 2012.
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The company posted an impairment charge of BRL34.2m in the fourth quarter of 2013, while forex losses also hit its bottom line.
However, net revenue reached BRL5.5bn, 25% higher than in 2012. Domestic beef sales were up 17%. Export revenues jumped 29%.
The growth in Minerva’s top line helped EBITDA, which increased 11.6% to BRL551.4m.
Minerva’s fourth-quarter results missed expectations, according to JP Morgan analyst Sambuddha Ray.
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By GlobalDataIts net loss stood at BRL124.6m, although EBITDA was 26% at BRL153m. Net sales grew 20%.
Minerva said the outlook for the beef sector was “positive”.
It added: “Steady demand growth in emerging countries, economic recovery in the USA and Europe, and limited global beef supply, are important drivers for a positive industry performance.”
The company said it expects “continued growth in domestic demand” helped by this year’s football World Cup, which is taking place in Brazil.
