Large losses on currency derivatives during the last three months of 2008 meant Sadia, the Brazil-based meat processor, on Friday (27 February) posted its first annual loss in company history.

The firm booked a fourth-quarter net loss of BRL2.04bn (US$880.6m), against a net profit of BRL374.5m during the last three months of 2007.

Over 2008 as a whole, Sadia reported a net loss of BRL2.48bn, compared to annual income of BRL768.3m.

Sadia, however, insisted its losses on currency after the devaluation of the Brazilian real was not an indication of how the firm performed in 2008.

“These results do not reflect the company’s operating performance,” Sadia said. “Last year, we made record investments, consolidated the growth strategy for higher value-added segments and products and proceeded with our globalisation strategy. We also recorded the highest ever revenues, reaching BRL12.2bn.”

That figure equated to a revenue increase of 23% on the back of rising sales at home and abroad.