Brazil: Meat producer BRF cuts loss

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Photo: BRF

Brazilian meat processor BRF SA reduced its net loss in the first quarter of 2020 to 38 million reais ($6.63 million), compared to a loss of 1 billion reais in the same period last year, thanks to a rise in sales volumes and value, reports “Reuters”.

The company increased its net revenues by 21% to almost 9 billion reais and food sales by 8% to 1.1 million tonnes.

The Halal market remained important, representing about 25% of the total volume sold by the company in the quarter, or 277,000 tonnes, writes Reuters.

On Friday, BRF announced it had bought 100% of Joody Al Sharqiya Food Production Factory, a Saudi food processing company, for about $8 million.

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