BRF subsidiary in Argentina files loss of US$ 11 million
On February 20, Quickfood, an Argentine company controlled by Brazil's BRF, released its balance sheet showing an operating loss of US$ 11.7 million in the second half of 2012. Its sales volume on the domestic market fell by 4.33%, with beef down by 70%.
This was the first result to be announced while fully managed by Brazil Foods. Until May last year the company, which is the leader in the hamburger sector in Argentina, was owned by Brazil's Marfrig. Brasil Foods bought Quickfood in an asset swap that did not involve five of the company's six slaughter units. This explains the sudden drop in beef production.
Revenue for Quickfood in the second half of the year was US$ 188.1 million, compared with US$ 202.8 million in the second half of 2011. According to the company, production costs increased by 13% between one period and the other in Argentine pesos and revenue grew by only 6%.
Information provided by Valor Econômico