Brazilian beef producer Marfrig revealed yesterday (14 May) that first-quarter profits more than doubled year-on-year on the back of strong revenue growth.

Gross profit for the quarter totalled BRL215.2m (US$129.6m), 54% higher than the first quarter of last year, while EBITDA totalled BRL127.3m, up 71.8%.

Operating margins dipped in the quarter from 21.3% last year to 20.2% this year. Operating expenses rose 37.9% year-on-year, climbing to BRL103.4m.

“Although expenses in the quarter increased, we are pleased with our profit figures which grew out of solid revenues,” a spokesperson for Marfrig told just-food.

However, this was offset by a 60.7% rise in gross revenue, which increased to BRL1.18bn.