Brasil Foods, the Brazilian meat processor, has booked a leap in first-quarter profits on the back of a “significant recovery” in export markets.
The company, formed in 2009 from the merger of Perdigao and Sadia, said on Friday (13 May) that its net income reached BRL383m (US$234m) in the three months to the end of March – up from BRL53m a year ago.
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Brasil Foods’ EBITDA also jumped, climbing from BRL447m a year ago to BRL816.4 in this year’s first quarter.
The group’s net sales rose 19.3% to BRL6bn, boosted by global demand for proteins and improved sales of processed products in Brazil.
As well as the “improved performance” in export markets, Brasil Foods cited “success” in buying raw materials in an environment of rising commodity prices, an “improvement” in managing costs and the synergies from the 2009 merger.
The deal between Perdigao and Sadia that formed Brasil Foods is still being scrutinised by Brazil’s competition regulator. Brasil Foods has already brought parts of the two companies together, including cash and liability management, sales and marketing.
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By GlobalData
