BRF Reports First Quarter Sales of R$ 5.8 Billion EBITDA of R$ 447 million, 148% higher, confirming a recovery in performance
SAO PAULO, May 12 /PRNewswire-FirstCall/ -- BRF Brasil Foods (NYSE: BRFS) closed the first quarter 2010 with gross sales of R$ 5.8 billion and recorded an important recovery in operating performance. EBITDA reached R$ 447.3 million, 148% higher than the pro-forma figure for 2009.
The Company reported net income of approximately R$ 53 million against a negative result of R$ 465.2 million for the same period last year using the same comparative basis.
First quarter figures reflect a good domestic market performance and a gradual recovery in exports. To these two factors can be added a reduction in costs and expenses, which in 2009 were strongly impacted by currency volatility and falling volume.
During the quarter, BRF completed its integration plan and the identification of synergies between Perdigao and Sadia, for implementation once a decision has been made by the anti-trust regulator CADE (Administrative Council for Economic Defense).
The operations of both companies have been closely examined in all areas to ensure that the best practices are selected. The entire analysis is ready and plans for executing these practices are nearing conclusion so that they can be adopted on the first effective day of working together as one company.
NUMBERS FOR THE 1ST QUARTER 2010 (PRO-FORMA) (*) R$ million 1Q10 1Q09 Change % Gross Sales 5,815 5,847 (1%) Domestic Market 3,686 3,538 4% Exports 2,128 2,308 (8%) Net Sales 5,047 5,061 0% Gross Profits 1,279 988 29% Gross Margin 25.3% 19.5% 580 bps EBIT 271 (61) - Net Income 53 (465) - Net Margin 1.0% (9.2%) - EBITDA 447 180 148% EBITDA Margin 8.9% 3.6% 530 bps
(*) Results have been consolidated as if the merger of Sadia's shares had taken place on January 1, 2009.
BRF (NYSE: BRFS) is one on the largest food companies in Latin America and one of the largest food processing companies in the world. The Company exports its products to more than 140 countries.
SOURCE BRF Brasil Foods S.A.