Meat giant JBS posts mixed Q1 numbers
JBS, the Brazilian meat giant, has reported mixed first-quarter results, with the company’s net income and sales rising – but its EBITDA down on lower profits from its US chicken unit.
The company, which owns JBS Swift Australia, this week booked a 47.9% increase in net income to BRL 147 million for the three months to the end of March.
JBS’s operating income more than doubled at BRL 172.2 million (US$107.3m) as the company benefited from higher sales and lower finance costs. The group’s net revenue climbed 20.2% to BRL 14.67 billion, thanks to rising sales across the business.
However, JBS’s EBITDA fell 3% to BRL 835.9 million due to a drop in earnings from the company’s US chicken unit, Pilgrim’s Pride. JBS owns a majority stake in the US poultry processor.
JBS reported rising EBITDA from its other key divisions – US beef, US pork and Mercosul, its operations across South America.
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