Doux Frangosul profits down in 2011
Doux Frangosul, which earlier this month leased all of its assets in Brazil to JBS, racked up an 86.8% drop in net profit last year compared with 2011, at R$ 3.6 million. The only reason it was not worse was because the company reported a rebate of R$ 31.8 million in Corporate Income Tax and Social Contributions on Net Profit deferred.
According to balance sheet published by the company, financial debt at the end of 2011 stood at R$ 522 million, compared with R$ 570.7 million the previous year. The debt includes loans for working capital and investments, advances on exchange contracts (ACC) and prepayment operations for exports.
Cash held decreased from R$ 31.5 million to R$ 19 million and net debt fell from R$ 539.2 to R$ 503 million.
Information provided by Valor Economico