UPDATE 1-Brazil BRF doubles profit on strong sales, cuts to retail team
(Adds details of earnings)
SAO PAULO Oct 30 (Reuters) - Brazilian meats processor BRF SA more than doubled its third-quarter profit from a year earlier, beating market expectations as it trimmed its sales team and stocks.
Net income rose 117 percent from a year earlier to 624 million reais ($260 million), the company said in a filing on Thursday, beating an average estimate of 498 million reais, in a Reuters survey of analysts.
BRF, the world's biggest poultry producer, said the earnings reflected growing sales volumes and efforts begun in the first quarter this year to consolidate its sales force for smaller retail clients.
The company also highlighted more efficient use of inventory levels in Brazil over the past year and improved profit margins from its sales overseas.
Sales in its biggest foreign market, the Middle East, were up 10 percent in volume and 18 percent in revenue due mainly to improved performance in Saudi Arabia, Kuwait, Oman and Yemen. Asia and Europe also posted better sales volumes and revenues.
Earnings before interest, taxes, depreciation and amortization rose 61 percent from a year ago to 1.2 billion reais in the third quarter, beating an average forecast of 1.15 billion reais.
($1 = 2.40 Brazilian reais) (Reporting by Reese Ewing; Editing by Diane Craft and Leslie Adler)
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