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Marfrig Announces Net Income Surge

by 5m Editor
17 August 2010, at 2:04am

BRAZIL - Marfrig recorded net income of 127.4 million real (BRR) in the second quarter, which was 206 per cent higher than the BRR41.7 million posted in the previous quarter. Net income in the first six months of the year was BRR170 million.

Driven by stronger sales in the Brazil operations, Marfrig's gross revenue reached BRR3.8 billion in the second quarter, up 10 per cent on the amount registered in the prior quarter. In the year to date, gross revenue was BRR7.2 billion, 43 per cent higher than in the same six-month period of 2009.

The EBITDA margin of eight per cent in the period reflected Marfrig's solid operational performance, which was supported by marketing investments, especially in the global brand, Seara.

The second quarter also registered important events for the Marfrig Group and global food markets, such as the conclusion of the company's successful US$500 million international bond issue and the Seara brand's unique sponsorship of the FIFA World Cup in South Africa.

The most important fact in the period was the announcement of the acquisition of the US multi-national, Keystone Foods, which is one of the world's largest food companies, with over 28,000 restaurants and 54 operational units in the United States, New Zealand and Australia and countries in Europe, Asia and the Middle East. After consolidating this business, the Marfrig Group will have 151 units in 22 countries, with 85,000 employees.