The Brazilian Real continues to fall.
SDI are importing Aust produced goods into this market. They now have a local (Brazilian) packaging plant and in the last report there is talk of producing products there too. In a price sensitive market they are competing against locally produced product manufactured by a workforce on Brazilian wages.
The 'Real' is in free-fall, the economy's a mess and last night an opposition political candidate was stabbed at an election rally. There's an election next month.
I'm not expecting a turnaround anytime soon for SDI's Brazilian operation.
If you're a glass half full kind of person you could say that treading water for SDI with the Brazilian arm of the business would be a great outcome. Or - things can't get worse (can they?). Or perhaps - there is a lot of upside in Brazil when things improve ???????
Ann: Preliminary Final Report, page-27
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