May 16, 2020

JBS reports US$1.03 billion net loss

According to the Brazilian meatpacker's earnings statement on Thursday, JBS SA suffered a sharp BRL6 billion (US$1.03 billion) net loss in the first quarter of 2020 as changes in foreign exchange rates affected results, reported Reuters.

The company said the non-cash impact of foreign exchange swings was BRL8.2 billion in the period. Excluding these effects, the company's net profit would have been BRL803 million. In the first quarter of 2019, JBS recorded a net profit of about BRL1 billion.