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Brazilian food group Marfrig saw its profitability improve year-on-year in the second quarter.

Marfrig reported a net loss of BRL55.1m (US$24.3m) but that was down sharply from the BRL478.7m recorded a year earlier.

A drop in financial expenses and a reduced impact from foreign exchange helped the result. Marfrig called it its “best result” on that metric in its history.

EBITDA was up 47.9% at BRL379.7m. Margins from each of its Marfrig Beef, Keystone and Moy Park operations improved. “EBITDA margin in excess of 7% at all business units for the third consecutive quarter, signalling a new level of profitability in the company’s operations,” it said.

Net revenue grew 14.9% to BRL5.18bn. Sales from each of Marfrig’s divisions were up. The company pointed to a “strong performance” from exports from Brazil and “solid sales growth” in overseas territories. Both helped offset slower consumer spending in Brazil.

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By GlobalData