National Beef reports Q1 loss

National Beef Packing Co. LLC, the fourth-largest beef processor in the US, has suffered a loss in its first quarter but is lower from a year ago due to higher beef prices.

The company lost US$2.8 million in the quarter that ended November 29. By comparison, National Beef lost US$24.5 million in the same period a year ago.

Sales grew 2 percent to US$1.43 billion, and a 6-percent raise in beef prices was offset by a 3.1-percent fall in the number of processed cattle.

The sales of National Beef to Brazilian beef giant JBS SA is currently on hold pending lawsuits filed by the Justice Department and more than a dozen states.