Brazil's JBS SA reported a wider first-quarter loss due to lower meat prices, increased debt repayments and the cost of closing hedges related to cancelled exports.

In a Bloomberg report, JBS had a 322.7 million-real (US$155 million) loss, in comparison with a 6.6 million-real loss a year before. It incurred a 446.6 million- real financial expense for the quarter. Net sales increased 58 percent to 9.27 billion reais.

The report stated that the price of cattle has dropped for three straight quarters in Brazil and the US, the biggest markets for JBS.

In the first three months of this year, cattle futures on the Chicago Mercantile Exchange fell 5.1 percent to 81.7 cents a pound.

On the BM&FBovespa Exchange in Sao Paulo, the price fell 7.2 percent to 78.1 centavos per net arroba, a Brazilian weight measurement equal to 15 kilograms or 33 pounds, according to the University of Sao Paulo.

JBS shares slipped to 4.5 percent 6.21 reais in Sao Paulo trading. The shares have risen 26 percent so far this year, while Brazil's benchmark Bovespa index gained 31 percent.

JBS SA is the world's largest beef producer.