Strong results despite EU restrictions
15/05/2008
One of Brazil’s market leaders in beef, leather and livestock, Minerva, has announced its results for the first quarter of 2008.
Organic growth in net sales was 51% compared to the first quarter last year. Sales in the domestic market grew by 131.6%, and already represent 35% of total sales in the quarter, compared to 22% in the first quarter of 2007.
Restrictions imposed by the European Union at the start of this year because of Brazil's response to a small outbreak of foot and mouth disease have not affected Minerva’s fresh beef exports, which grew by 7.4%. The company said it had found alternative markets to export to. Minerva’s overall share of Brazil’s fresh beef exports increased to 15%, compared to 9% for the same period last year.
Gross profit grew 38.5% year on year, reaching a new record of $58.8 million and profits were up 2.5% on the last quarter of last year.
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