Brazilian dairy processor Vigor has recorded a set of mixed first-quarter results, with sales up but EBITDA and net income lower year-on-year.

Net earnings amounted to BRL1.5m (US$742,793), a 93.4% decline on the prior year period, the company reported today (15 May). Last year’s figure was, in part, favoured by a gain from higher interest revenue and positive exchange variation on hedging.

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EBITDA in the quarter was at BRL13.8m, a 42.4% drop on last year and negatively impacted by higher marketing investment, higher freight and warehousing costs, and structuring of new functional areas within the company.

Vigor, however, reported “record” gross profit and gross margins. Net revenue was up 11.7% at BRL352.4m. The increase came despite lower volumes as Vigor focused more on added-value products. It also continued to expand its Greek yoghurt business.

“The road in front of us is challenging, but the unique opportunities the Brazilian dairy sector offers and the reliance on our people will certainly guide our way,” CEO Gilberto Xando said.

Click here to view the full earnings release.

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And click here to read our interview last month with Vigor CEO Gilberto Xando.

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