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Brazil's Marfrig reports 61.1% drop in first quarter profit

SAO PAULO, May 3 (Reuters) - Brazilian meatpacker Marfrig Global Foods SA reported on Tuesday a first quarter net profit of 109 million reais ($21.96 million), down 61.1% year-on-year, mainly hit by the 1.8 billion real investment in BRF’s follow-on share offering.

The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 2.75 billion reais in the quarter, a 60.9% increase from the same period of 2021.

$1 = 4.9646 reais Reporting by Nayara Figueiredo; Writing by Peter Frontini; Editing by Chris Reese

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