Perdigao shares fall to 1-year low on weak poultry exports

Perdigao SA, Brazil's biggest food company, shares dropped to the lowest in a year in Sao Paulo trading after the country's poultry exports weakened in February.

Perdigao slid 4.3 percent to 26.50 reais (US$10.95).

Perdigao which depended on poultry exports for 23 percent of its third-quarter revenue, earlier dropped to as low as 26.23 reais (US$10.84), the lowest intraday price since October 8, 2008.

Brazil's Foreign Trade Secretariat said the country's poultry exports fell 13 percent from the previous month to US$294 million, with volumes dropping 5.3 percent to 231,500 tonnes.

Citigroup Inc. analyst Carlos Albano said poultry exports presented the worst performance among the three proteins, with reductions on both exported volumes and prices.

Sadia SA, Brazil's second-biggest food company, gained 1.1 percent to 2.75 reais (US$1.13), while Concordia, Brazil-based Sadia is down 72 percent in the past 12 months after reporting a US$225 million write down for the third quarter on bad currency bets.

Perdigao has dropped 36 percent, while the benchmark Bovespa Index is down 43 percent.