Brazilian beef packer Minerva has shrugged off EU beef import restrictions and posted a jump in first-quarter revenue.
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The company said it had redirected its beef exports to other markets, pointing to a 7.4% rise in fresh beef shipments. Group revenue climbed 51% to BRL461.7m (US$278.4m).
Rising sales at home and abroad boosted earnings. Minerva’s EBITDA rose by over a third to BRL36.2m during the quarter.
CEO Fernando Galletti de Queiroz hailed an “excellent performance” and the company’s export base.
“Minerva’s growth does not depend on Europe,” Queiroz said. “This is proven by the fact that we did not lose market share in the export market in the quarter. In fact, our market share grew in the quarters in question. In March, our exports exceeded January’s record level.”
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