SAO PAULO, March 27 (Reuters) - Brazilian food company Sadia (SDIA4.SA)(SDA.N) posted on Friday a large fourth-quarter loss, reversing from a profit in the year-ago period because of steep losses on currency derivatives.
The net loss totaled 2.04 billion reais ($890.1 million), compared with profits of 374.5 million reais in the fourth-quarter of 2007, Sadia said in a securities filing.
For the full year of 2008, the company posted a loss of 2.48 billion reais, the first annual loss in its 64-year history.
Sadia had net financial expenses of 2.7 billion reais in the quarter as the cost of non-deliverable forwards, target forward agreements and currency options soared. The company had financial gains of 147.5 million reais a year earlier.
No comments:
Post a Comment