Marfrig reports lower profits
18/05/2009
Brazilian packer and tanning group Marfrig has reported that its net profit for the first quarter of 2009 was 46% down from the last quarter of 2008, registering US $149.2 million.
Turnover fell by 63.4% from $213 million in the last quarter of 2008 to $65 million. The Ebitda margin (earnings before interest, tax, depreciation and amortisation) decreased from 18.6% to 11.9% in the period.
In the first quarter of 2009, industrialised products accounted for 30.1% of net revenues compared to 30.7% in the final quarter of last year.
Marfrig, that has been undergoing an extensive expansion process in the last few years. It operates 57 units in nine countries and is the only Brazilian company of its sort to process beef, pork, poultry and lamb. With 30 processing units in Brazil, Argentina, Uruguay, the US, the UK, Ireland, France and the Netherlands, Marfrig currently has a total production capacity of 2,213 tonnes per day.
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