May 12, 2011

Brazil's JBS posts Q1 income

Brazilian meat company JBS has reported mixed first-quarter results, with the company's net income and sales rising, but its EBITDA down on lower profits from its US chicken unit.

JBS booked a 47.9% increase in net income to BRL147 million (US$90.7 million) for the three months to the end of March.

The company's operating income more than doubled at BRL172.2 million (US$106.3 million) as the company benefited from higher sales and lower finance costs. The group's net revenue climbed 20.2% to BRL14.67 billion (US$9.1 billion) due to rising sales across the business.

However, JBS's EBITDA fell 3% to BRL835.9 million (US$515.8 million) due to a drop in earnings from the company's US chicken unit, Pilgrim's Pride. JBS owns a majority stake in the US poultry processor.

JBS reported rising EBITDA from its other key divisions in US beef, US pork and Mercosul, its operations across South America.