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332118

Brazil's Marfrig reports net profit beat, announces buyback program

SAO PAULO, Aug 11 (Reuters) - Brazilian meatpacker Marfrig Global Foods SA on Thursday said its second-quarter net profit more than doubled from a year ago, beating market estimates on higher revenues from its South American operations amid strong Chinese demand.

Marfrig said it earned 4.25 billion reais ($823.85 million), up 144.9% year-on-year, while analysts polled by Refinitiv had expected profit to reach 891 million reais.

The company also announced a new share buyback program, saying in a securities filing it will repurchase up to 31 million shares in 18 months. ($1 = 5.1587 reais) (Reporting by Ana Mano and Nayara Figueiredo; Writing by Gabriel Araujo; Editing by Leslie Adler)

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