Pilgrim's Pride posts Q4 net profit

Pilgrim's Pride reported a net profit of US$56.7 million in its fiscal fourth quarter ended September 26 on gross revenues of US$1.63 billion, according to a filing with a Texas bankruptcy court.

The Pittsburg, Texas-based poultry company filed for bankruptcy protection in December, 2008. It files monthly financial reports to the bankruptcy court which are not strictly comparable to previous filings with the Securities and Exchange Commission.

The company reported a gross profit for the quarter of US$166.4 million, less the following expenses: US$43 million in operating expenses, US$37 million in financing expenses, US$27 million in reorganisation expenses and US$2 million in other expenses.

A week ago, the US Justice Department approved JBS plan to buy 64 percent of Pilgrim's Pride for US$800 million. The transaction, which represents an enterprise value of US$2.8 billion, is subject to final approval by the bankruptcy court as part of Pilgrim's reorganisation plan. Approval is expected before the end of the year, according to JBS.