Brazilian food group Marfrig has insisted it remains committed to de-leveraging its balance sheet as it booked a drop in 2012 losses.

Marfrig has reduced its high debt levels over the past 12 months, with lower financing costs improving its financial position. In December, it sold BRL924m (US$460.8m) in shares, although this was less than expected.

Announcing its annual results yesterday (27 March), Marfrig said it will continue to pay down debt during 2013.

In a regulatory filing, Marfrig revealed its 2012 net loss before equity interest narrowed to R$223.9m (US$111.2m), from a net loss of R$749m in 2011.

The company also booked an improvement in EBITDA for the 12 months to the end of December on higher sales and improved margins. EBITDA rose 20.3% to R$2.13bn. EBITDA margin rose to 9%, up from 8.4% in 2011.

2012 revenues were up 12.9% and Marfrig said it aims to continue to drive double-digit organic growth at its Seara Brasil and Keystone Asia units.