April 1, 2008

JBS reports 2007 loss
 

Brazilian beef processor JBS S.A. lost US$41 million in the last 14 weeks of 2007, compared with earning US$3.8 million the previous 13 weeks, according to its 2007 earnings report.

JBS said Swift's net revenue for beef was US$1.75 billion for the 14 weeks ending December 30, but it lost US$101 million compared with a negative US$10.3 million in the previous quarter.

Earnings for the US beef segment reached US$1.5 billion in the previous quarter.

The company said losses were due to higher freight costs driven by record diesel prices.

JBS acquired Swift in July last year.