Marfrig Records Net Income of R$ 405.0 Million in 2Q09

SAO PAULO, Aug. 11 /PRNewswire-FirstCall/ -- In 2Q09, Marfrig (Bovespa: MRFG3) recorded net income of R$ 405.0 million, reversing the net loss of R$ 38.2 million recorded in 1Q09 and growing 510% over the R$ 66.4 million recorded in 2Q08.

In 2Q09, processed products posted net revenue of R$ 707.9 million, with the contribution to net revenue stable in relation to 1Q09 at 29.4%, and was 242.7% higher than in 2Q08, when these products represented 17.0% of net revenue.

Net revenue totaled R$ 2,403.9 million, up 97.5% on 2Q08 (R$ 1,217.1 million) and 6.8% on 1Q09 (R$ 2,250.8 million). Sales volume increased by 5.8% in relation to 1Q09.

Gross revenue climbed 94.2% to R$ 2,572.4 million, versus R$ 1,134.4 million in 2Q08, and by 5.2% on the R$ 2,445.5 million recorded in 1Q09.

Gross income came to R$ 324.2 million, up 31.5% and 3.5% in relation to 2Q08 (R$ 246.5 million) and 1Q09 (R$ 313.4 million). Gross margin stood at 13.5%, down 40 bps and 680 bps on the 20.3% and 13.9% recorded in 2Q08 and 1Q09, respectively.

EBITDA was R$ 183.4 million in the quarter, increasing by 32.0% from R$ 138.9 million in 2Q08 and by 12.1% from R$ 163.5 million in 1Q09. EBITDA margin stood at 7.6% in the quarter, 30 bps higher year on year, driven by higher sales volumes in the domestic market and in Brazil and Europe.

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SOURCE Marfrig