Minerva multiplies profits in nine times in the second quarter

Minerva Foods recorded net income of r $ 166,9 million in the second quarter of the year, nine times higher than that of the same period in 2014, when the company reported a profit of $ 18.5 million.
The Ebitda (earnings before interest, taxes, depreciation and amortization) adjusted for non-recurring items totaled r $ 216,5 million, up 32.3% in the annual comparison, but the Ebitda margin fell 0.2 percentage point on the same basis, to 9.7%.
In an interview with the press on the quarterly results, Chief Financial Officer (CFO) of Minerva, Edison Ticle, said that net income was positively affected by the appreciation of the exchange rate and the hedging policy implemented by the company, in addition to the record net revenue in the period.
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Sales totaled r $ 2,226 billion, up 34.4% compared to the second quarter of last year.
Hedge strategy of Minerva guaranteed positive result of R $ 31.7 million, contributing to the consolidated result. The CFO said net profit was well above the estimates we've seen of analysts ".
Ticle stated that Minerva would have generated net profit even with the settings of the exchange rate changes that helped the result.
In this case, the profit would be $ 53 million in the quarter, but the data includes the financial benefit of the hedge.
In the last 12 months, also on adjusted basis, the consolidated net profit of the company would be $ 243 million.
The Chairman of Minerva, Fernando Queiroz of Galletti, stated that, with the results, the company maintains the guidance given to the market for revenue this year to be between $ 9.5 billion and $ 10.5 billion.