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Marfrig Global Foods Q1 loss widens YOY

Marfrig Global Foods SA said its normalized net income for the first quarter came to a loss of 96 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 1.34 reais per share.

The per-share loss widened year over year from 23 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 499.2 million reais, compared with a loss of 117.3 million reais in the year-earlier period.

The normalized profit margin declined to negative 11.6% from negative 3.4% in the year-earlier period.

Total revenue rose 69.3% year over year to 5.88 billion reais from 3.48 billion reais, and total operating expenses grew 72.0% on an annual basis to 5.62 billion reais from 3.27 billion reais.

Reported net income came to a loss of 570.9 million reais, or a loss of 1.10 reais per share, compared to a loss of 123.2 million reais, or a loss of 24 centavos per share, in the prior-year period.

As of May 8, US$1 was equivalent to 2.99 reais.