Marfrig posts unexpected Q2 net profit
Marfrig is one of the world’s largest beef producers.
The company reported a 75.4 million real ($13.78 million) net profit in the April-June period, far better than the loss of 119.7 million reais expected in an LSEG poll of analysts.
Marfrig’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 65% from a year earlier to 3.37 billion reais, well above analysts’ estimates of 1.88 billion reais.
Net revenue in the second quarter was up 16.5% year-on-year to 34.7 billion reais.
The beef company said this reflected growth in sales in most of its segments, with BRF - a Brazilian poultry producer in which Marfrig became the controlling shareholder last year - showing "excellent results".
BRF reported a net profit of 1.1 billion reais in the second quarter.
"We concluded another quarter with strong operational progress and in a comfortable financial situation", Marfrig Chairman Marcos Molina dos Santos said in a statement.
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