SAO PAULO, April 28 (Reuters) - Brazil’s BRF SA, the world’s largest chicken exporter, on Thursday posted a profit of 39 million reais ($11.2 million) in the first quarter of the year, down 91 percent from the same period a year ago.
Lower domestic prices amid excess poultry production in Brazil, combined with rising costs due to record corn prices, hurt quarterly performance, the company said.
BRF said the recovery of Brazil’s currency in the period, from nearly 4 reais per dollar to around 3.50 currently, hurt the company’s earnings from exports, reducing revenues in reais.
Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 1.025 billion reais, 7.8 percent higher compared with the first quarter of 2015.
$1 = 3.48 Brazilian reais Reporting by Caroline Stauffer, editing by G Crosse