Marfrig reports results
24/03/2009
Marfrig Frigoríficos e Comércio de Alimentos S.A. is the latest major Brazilian packer company to have reported results for the fourth quarter of 2008 and accumulated results for the whole of last year.
In 2008, net revenue grew 85.7% to approximately US$ 2.8 billion. Earnings grew by 132.6% compared to 2007 reaching US$ 170 million.
The company’s 2008 financial result was affected by the 31.9% appreciation of the US$ dollar against the rial.
Exports totalled US$ 1.3 billion, 60.1% higher than in 2007 and accounted for 46.6% of the company's net revenue compared to 54.1% in 2007.
The EU was the main destination for Marfrig's exports. It accounted for 44.7% of the total export revenue and 29.8% of the volume exported. Russia came in second place with 15.6% of the revenue from exports and 18.3% of the volume exported. The Middle East occupied the third position with 14.8% of the revenue from exports and 17% of the volume exported in 2008.
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