May 16, 2013

Brazil's JBS beef sales increase in Q1

JBS, the world's largest beef producer, has recorded an increase in first-quarter earnings as beef prices and sales volumes in its domestic market increased.

Net profit in the first three months reached BRL227.9 million (US$112.50 million) compared to earnings of BRL116.1 million (US$57.29 million) last year. The result beat the average estimate of BRL118 million (US$58.24 million) in a Thomson Reuters poll.

Operating profit climbed 53.6% to BRL371.1 million (US$183.17 million).

Net sales reached BRL19.53 billion (US$9.64 billion), up from BRL16.01 billion (US$7.89 billion) last year. Revenues were boosted by an increase in beef volumes and the initiation of its poultry business in Brazil. The price increase of beef and poultry products in the US and the start of beef operations in Canada also drove up sales.