Brazil-based food group Marfrig has swung to a net loss in the first six months of the year.
In the six months to the end of June, Marfrig booked a net loss of BRL214m (US$93.8m). This compared to earnings of BRL249.2m last year.
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The company also booked an operating loss of BRL278.1m versus an operating profit of BRL54.8m in the prior year period.
Marfrig attributed the loss to the rise in its debt-service costs, which was impacted by the depreciation of the real against the US dollar. Its debt-service costs totalled BRL1.14bn, which was up against costs of BRL762.7m in 2012.
Sales in the period, however, climbed 15.1% to BRL8.83bn.
Click here to view the full earnings release.
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