Marfrig third quarter net income, sales up

by Bryan Salvage
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SÃO PAULO, BRAZIL — Marfrig Alimentos S.A. announced for its third quarter of 2009 that net income was R$200.4 million ($117.16 million), reversing the net loss of R$52.7 million ($30.81 million) recorded in the third quarter of fiscal 2008, and increasing net income year to date, building on the R$405.0 million ($236.77 million) recorded in the second quarter of the current fiscal year.

Noting some key acquisitions, net income year to date was R$567.4 million ($331.72 million), up 1,362.4% on R$38.8 million ($22.68 million) in the same period a year earlier.

EBITDA for the third quarter was R$272.5 million ($159.31 million), increasing by 48.6% from R$183.4 million ($107.22 million) in 2Q09 and by 59.0% from R$171.4 million ($100.20 million) in the third quarter of fiscal 2008.

Net revenue of R$2,402.6 million ($1,404.62 million) in the current third quarter is up 57.7% over the same period last year (R$1,523.6 million/US$890.73 million) and down 0.1% in relation to the previous quarter (R$2,403.9 million/US$1,405.38 million), mainly due to the depreciation in the dollar against the real. Net revenue in the last 12 months of R$9.45 billion ($5.52 billion) was up 92.3% on the R$4.90 billion (US$2.86 billion) recorded in the previous 12-month period (4Q07 to 3Q08), driven by acquisitions and operating performance in 2009, according to the company.

Gross income was R$367.8 million ($215.02 million) in 3Q09, growing by 29.1% and 13.5% in relation to 3Q08 (R$284.9 million/US$166.56 million) and 2Q09 (R$324.2 million/US$189.54), respectively.

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