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SAO PAULO, July 31 (Reuters) - Brazil’s BRF SA, the world’s largest chicken exporter and a processed foods maker, posted second-quarter net profit of 267.1 million reais ($117.67 million) on Thursday, in line with expectations as revenue grew.
A Reuters poll of four analysts had pointed to profit of 271 million reais. Profit increased from a year earlier, when it was 208 million reais for the same April - June period.
Revenue was in line with expectations at 7.7 billion reais, 2.2 percent higher than a year earlier even though sales volumes fell by 12 percent, BRF said.
The company has been raising prices on some products and intends to focus less on chicken exports and more on processed food products with greater value added both domestically and overseas. In the second quarter, BRF slaughtered 399 million birds, 13 percent less than a year ago.
Earnings before interest, taxes, depreciation and amortization (EBITDA), a widely followed indicator of a company’s cash flow, rose 25 percent from a year ago to 1 billion reais, beating an estimate of 982.8 million reais.
In the first-quarter of 2014, BRF’s profit was 315.5 million reais, down from a year earlier and missing expectations because of a one-time non-recurring operating expenses.
$1 = 2.27 reais Reporting by Fabiola Gomes and Caroline Stauffer; Editing by Grant McCool