Published:
Minerva Reports Net Revenue Growth of 51% in 1Q08
BARRETOS,Brazil, May 16 /PRNewswire-FirstCall/ -- Minerva
(BOVESPA: BEEF3; Bloomberg: BEEF3.BZ; Reuters: BEEF3.SA), one of the market
leaders inBrazil in the production and sale of fresh beef, leather and live
cattle, announces today its results for the first quarter of 2008 (1Q08).
1Q08 Highlights
Organic growth in net sales of 51.0% year on year, boosted by sales in the
domestic market, which grew by 131.6%, and already represent 35% of total
sales in the quarter, versus 22% in 1Q07.
Restrictions imposed by the European Union have not affected the Company's
fresh beef exports, which grew by 7.4% in 1Q08 versus 4Q07, attesting to the
Company's flexibility to redirect its products to other countries with demand
for Brazilian protein. Minerva's share ofBrazil's fresh beef exports also
grew to 15%, versus 9% in 1Q07, thanks to the Company's strategy of tapping
new markets.
Gross profit grew 38.5% year on year, reaching a new record of R$97.5
million and representing gross margin of 21.1%, which expanded by 2.5
percentage points versus 4Q07.
EBITDA increased 33.4% year on year to R$36.2 million, for an EBITDA
margin of 7.8%. Comparing to 4Q07, EBITDA margin was relatively stable,
despite the lower sales to the European Union, which totaled R$19.6 million in
the quarter, or 3.9% of gross revenue, down from 8.1% in 4Q07.
Average fresh beef export price in U.S. dollar rose 40.6% to close the
quarter at a record US$3,616/tonne. By April, the average price had already
reached US$3,920/tonne.
Despite the strong sales performance, the net result was impacted by lower
monetary variation gains and extraordinary adjustments in hedge operations.
To access the full version of the Earnings Release, visit our website at
www.minerva.ind.br/ir
Conference Calls
English May 19, 2008
11:00 a.m. (U.S. ET)
12:00 p.m. (Brasilia)
Tel: +1 (973) 935-8893
Replay: +1 (706) 645-9291
Code: 46955801
Portuguese May 19, 2008
9:00 a.m. (U.S. ET)
10:00 a.m. (Brasilia)
Tel: +55 (11) 2188-0188
Replay: +55 (11) 2188-0188
Code: Minerva
About Minerva
Minerva S.A. is one of the leading producers and sellers of beef, leather
and live cattle inBrazil, and is one of the country's three largest exporters
in the sector in terms of gross revenue.
SOURCE Minerva S.A.
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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