SAO PAULO, Oct 29 (Reuters) - Brazil’s BRF SA, the world’s largest chicken exporter, on Thursday posted a higher-than-expected profit due to strong performances overseas and gains from a weaker real despite the sluggish Brazilian economy.
BRF, also a processed foods maker, posted third-quarter net income of 877 mln reais ($228 million), above the 805 million reais expected by analysts and the year-earlier 624 million reais.
Analysts said the domestic protein market had been more resilient than other sectors as Brazil’s economy plunged into its worst recession in 25 years.
Earnings before interest, taxes, depreciation and amortization were 1.52 billion reais, also slightly above the 1.22 billion reais forecast by a Reuters poll.
Chief Executive Pedro Faria said in a statement that international expansion had driven profit and highlighted the company’s acquisitions in Qatar and Argentina during the quarter.
BRF said in a separate securities filing its board had approved a share buyback of up to 15 million ordinary shares.
$1 = 3.85 reais Reporting by Caroline Stauffer; Editing by Leslie Adler