SAO PAULO, March 27 (Reuters) - Brazilian meatpacker

Marfrig, the world's second largest beef producer,

posted on Wednesday a 12 million real ($2.4 million) net profit

in the fourth quarter, reverting a 628 million real net loss

from a year earlier.

Marfrig, which also controls U.S.-based National Beef and

Brazilian BRF SA, said its total net revenue fell

2.2% in the quarter year-on-year to 36.6 billion reais.

However, costs of goods sold fell 4.4%, driven by BRF

operations, and financial expenses have lowered, helping its net

profit.

Excluding BRF operations, a comparison closely watched by

investors as BRF had already released its quarterly results,

Marfrig's net revenue from operations in South American rose 7%,

while its North America business posted stable net revenue, in

U.S. dollars.

Last year, Marfrig agreed to sell 16 slaughtering plants in

South America in a deal worthing 7.5 billion reais, as it plans

to focus on higher-value branded processed meat products and

premium fresh cuts in the region.

Its adjusted earnings before interest, taxes, depreciation

and amortization (EBITDA) stood at 2.94 billion reais in the

quarter, up 32.1% year-on-year, while its adjusted EBITDA margin

increased 2 percentage points to 8%.

($1 = 4.9921 reais)