BRF's First Half Profits Grow 279%
SAO PAULO, Aug. 11, 2011 /PRNewswire/ -- BRF Brasil Foods ended the first half of 2011 reporting a net income of R$ 881 million, 279% higher than the same period in 2010. Net Income amounted to R$ 12.3 billion, a growth of 16%. The numbers were supported by a significant operating performance, especially on the export front, as well as reaping the benefits from the capture of synergies. EBITDA reached R$ 1.6 billion, equivalent to a 13% margin.
Second quarter EBITDA of R$ 785.9 million represented 49% of first half operating results. Second quarter net income amounted to R$ 497.9 million, a year-on-year increase of 190.4%.
With the approval of the merger, announced on July 13, BRF is experiencing a new phase in its corporate history and initiating the implementation of a plan of approximately 200 actions for adopting best practices which will serve as parameters for guiding the Company's operations.
Domestic Market: Second quarter net sales to the domestic market posted growth of 17.2% to R$ 3.7 billion, representing 58.8% of the total net revenues of the Company over the period. The highlight goes to the processed products area which reported a growth in sales of 17.2%.
Exports: The substantial increase in cost overheads and a continual appreciation of the US dollar against the Real was not enough to inhibit BRF's international business during the second quarter.
As for the first half as a whole, the breakdown of total export revenue of R$ 5 billion reveals the most expressive contributions coming from the Middle East (31.8%), the Far East (22.5%) and Europe (17.5%).
Earnings per Share(1)
(1) Consolidated earnings per share (in R$), excluding treasury shares
SOURCE BRF Brasil Foods