SAO PAULO, Nov 10 (Reuters) - Brazilian food processor
MBRF reported on Monday core earnings and net revenue
above analysts' estimates in its first quarterly results as a
joint entity following beef company Marfrig's takeover of
poultry and pork firm BRF.
MBRF reported a net profit of 94 million reais ($17.4
million) for the July-September period, down 62% year-over-year,
still hit by trade bans on Brazil poultry exports following a
bird flu case on a commercial farm in May.
China, the largest importer of Brazil's poultry, only
resumed its purchases of Brazilian chicken this month.
Core earnings as measured by adjusted earnings before
interest, taxes, depreciation and amortization (EBITDA) came in
at 3.5 billion reais, an 8.6% fall from a year earlier but above
the 3.2 billion reais expected by analysts in a LSEG poll.
The group's net revenue rose 9.2% year-on-year to 41.8
billion reais, beating the 41.1 billion real estimated by
analysts.
Volume sold by the company, which has beef operations in
North and South Americas, totaled a record of 2.1 million metric
tons in the quarter, a 3.7% increase year-over-year.
($1 = 5.4039 reais)