Marfrig Global Foods SA said its normalized net income for the fourth quarter was a loss of 13 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 13 centavos per share.

The per-share loss decreased 73.1% year over year from 48 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 67.0 million reais, compared with a loss of 248.7 million reais in the year-earlier period.

The normalized profit margin increased to negative 1.5% from negative 5.8% in the year-earlier period.

Total revenue climbed 19.7% year over year to 5.17 billion reais from 4.32 billion reais, and total operating expenses grew 19.6% from the prior-year period to 4.81 billion reais from 4.02 billion reais.

Reported net income totaled a loss of 53.9 million reais, or a loss of 10 centavos per share, compared to a loss of 306.5 million reais, or a loss of 59 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 2.35 reais per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 70 centavos.

EPS was a loss of 1.38 reais in the prior year.

Normalized net income was a loss of 1.22 billion reais, compared with a loss of 719.5 million reais in the prior year.

Full-year total revenue rose 24.2% year over year to 18.89 billion reais from 15.21 billion reais, and total operating expenses increased 24.0% on an annual basis to 17.67 billion reais from 14.25 billion reais.

The company said reported net income totaled a loss of 1.17 billion reais, or a loss of 2.25 reais per share, in the full year, compared with a loss of 834.5 million reais, or a loss of 1.60 reais per share, the prior year.

As of Feb. 29, US$1 was equivalent to 3.98 reais.