Brazilian beef producer Marfrig reported an unexpected net profit in the second quarter, citing strong operational improvements as sales revenues jumped, according to Reuters.
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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