Perdigão reports losses for 2008
Sales gains offset by foreign exchange losses
Perdigão, Brazil’s largest poultry, pig and dairy producer, reported losses for the fourth quarter and for all 2008, due primarily to large foreign exchange losses, in spite of large sales increases for the quarter and the year.
During the fourth quarter of 2008, sales jumped 59% to 3.05 billion reais, led by dairy products and processed meats, its best results for the whole year. But Perdigão suffered a net loss of 318 million reais during the quarter, due to the devaluation of the Brazilian currency.
For 2008 Perdigão reported a net income of 54.4 million reais, compared to 321 million reais in 2007. Adjusted net income fell 54% to 155 reais from 355 reais a year ago.
Net sales for the year jumped 69% to 13.2 billion reais from 2007.
Perdigão is a major poultry, pig and dairy exporter and its exports grew significantly in 2008. Fourth quarter exports increased by 51% and year-end totals showed a 58% increase over 2007.