Brazil’s biggest meat producer, Sadia, has reported soaring profits in the first quarter but warned that the company’s performance would not be as strong in the second quarter.
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Higher prices and increased exports helped push up first-quarter sales and earnings, but costs linked to the high value of the dollar as well as stagnant prices on the domestic market are likely to make second-quarter conditions much more difficult.
“We’re not forecasting blue skies,” chief financial officer Luiz Gonzaga Murat was quoted by Dow Jones International News as saying. “The second quarter will be the worst in several years,” he added.
In terms of net revenue, exports rose 74% to 649m reais (US$218m) in the first quarter, helping total net revenue to increase 41% to 1.38bn reais. Net income jumped 207% to 85.9m reais.
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