Brazilian meatpacker Marfrig Global Foods has posted a fourth-quarter net loss of US$121 million, falling below estimates of a net profit for the quarter in part because of lower earnings in North America.
Analysts polled by Reuters had estimated a net profit of $88 million for the last three months of 2022, down from a profit of $125 million a year earlier.
Its North American unit saw weaker margins caused by lower demand and lower seasonal cattle numbers amid higher interest rates, the company’s regional head Tim Klein told journalists.
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Rui Mendonca, the company’s top executive for South American operations, said Marfrig expects the Brazilian and Chinese governments to discuss the end of an embargo on Brazilian meat exports during a meeting in March.
Exports to China were halted earlier in February after Brazilian health authorities confirmed a case of “atypical” mad cow disease.
