Brazil-based meatpacker and hide processor Marfrig has reported its financial results for the third quarter of 2023, when net revenue fell by 2.1% to R$35.65 billion (US$7.33 billion), writes ILM.

The company noted that this result was primarily affected by performance in South America, driven by lower sales volumes and international prices.

Revenue for South America was down by 27.4% to R$5.4 billion (US$1.11 billion), which Marfrig attributed to a 28.8% drop in export prices. Sales volume in this region fell by 1.6% to 377,000 tons. Exports represented 50% of South American revenue, against 65% in the same period of 2022, and 50% of exports went to China and Hong Kong (compared to 81% in Q3 2022).