Marfrig sells less, but makes more money and has net income of R$ 100.4 million in the third quarter

Food company Marfrig announced on Monday (11) that it had net income of R$ 100.4 million in the third quarter, compared with a loss of R$ 126 million in the same stage of 2018. However, the result was below the average forecast of analysts compiled by Refinitiv, net income of R$ 211.5 million for the quarter. Marfrig's operating income measured by earnings before taxes, interest, depreciation and amortization (Ebitda) was R$ 1.5 billion, an increase of 28.6% in the annual comparison and higher than the average forecast of R$ 1.35 billion compiled by Refinitiv. The Ebitda margin rose 2.3 percentage points to 11.8%. Consolidated net revenue was R$ 12.7 billion, 3.6% higher than a year earlier, with revenue boost in North America and higher prices in the domestic market, which helped offset the 3% drop in total volume sold. The leverage measured by the net debt/Ebitda ratio in dollars was 2.43 times, down 0.26 instead compared to the previous quarter. The last line of the result was no better in part due to net financial results, negative at R$ 665 million, a loss 65% higher than in the previous quarter, reflecting the rise of the dollar.