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BRF SA Q2 profit climbs 23.5% YOY

BRF SA said its normalized net income for the second quarter came to 49 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 53 centavos per share.

EPS climbed 26.6% year over year from 39 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 420.6 million reais, an increase of 23.5% from 340.5 million reais in the year-earlier period.

The normalized profit margin dropped to 3.1% from 4.9% in the year-earlier period.

Total revenue increased 12.8% on an annual basis to 7.91 billion reais from 7.02 billion reais, and total operating expenses climbed 9.3% year over year to 6.87 billion reais from 6.29 billion reais.

Reported net income increased 46.6% year over year to 364.5 million reais, or 43 centavos per share, from 248.6 million reais, or 29 centavos per share.

As of July 30, US$1 was equivalent to 3.37 reais.