October 2, 2017 / 2:22 PM / 15 days ago

Brazil's BRF sees $98 mln gain from tax refinancing, receivables

SAO PAULO, Oct 2 (Reuters) - Brazilian poultry producer BRF SA estimates a one-time pre-tax gain of 310 million reais ($98 million) this quarter as a result of joining a tax refinancing program and the buildup of tax receivables.

BRF said in a Monday securities filing it decided to include 455 million reais ($144 million) worth of tax debt in a refinancing program known as PERT. BRF will pay about 20 percent of the total owed through December 2017 and the remainder in 145 monthly installments.

The company also said it would book a 640 million-real tax receivable related to an industrial production tax known as IPI.

The net effect of both decisions will result in the estimated gain, the filing said.

BRF said 220 million reais of the pre-tax gain will be booked in the financial results’ line. It did not say where it will book the rest.

$1 = 3.1675 reais Reporting by Guillermo Parra-Bernal and Ana Mano; Editing by W Simon

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