Brazil’s fourth-biggest meatpacker by market value, fell the most in a week after reporting a third-quarter profit that trailed analysts’ estimates as sales and prices in the domestic market declined.
Shares slid 1.9 percent to 12.19 reais at 4:47 p.m. in Sao Paulo, the biggest decline on a closing basis since Oct. 10. The benchmark Bovespa index retreated 0.8 percent.
Minerva’s adjusted net income rose 10 percent to 20.6 million reais ($10.2 million) in the third quarter from the same period of 2011, according to a regulatory filing yesterday after the market closed. That compares with a 29.6 million reais average estimate of analysts surveyed by Bloomberg.
Sales volume in Brazil decreased in the three months through September to 5.5 million cattle heads. Average prices in the domestic market fell to 92.60 reais per arroba from 93.80 reais per arroba in the second quarter. One arroba equals 32.38 pounds.
Minerva rallied 134 percent this year through yesterday while the Bovespa advanced 5.9 percent during the same period.
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