May 14, 2009
Marfrig reports Q1 net loss of US$18 million
Brazilian meatpacker Marfrig Wednesday (May 13) reported a first-quarter net loss of 38.2 million Brazilian reals (US$18 million), down from a profit of BRL25 million in the same period a year earlier.
The company attributed the result to weak revenues brought by diminished prices, and increased financial and operating costs.
Marfrig reported first-quarter net revenue of BRL2.25 billion, up from BRL1.07 billion seen in the first quarter of 2008.
Net financial costs, however, jumped to BRL178.5 million from BRL61 million the previous year, the company reported.
Earnings before interest, taxes, depreciation and amortisation, or Ebitda, rose to BRL163.57 in the period from BRL127.33 million in the first quarter of 2008.
Marfrig's EBITDA margin ended the first quarter at 7.3 percent, down from 11.9 percent a year ago, the company said.
US$1 = BRL2.11775 (May 14)
