August 1, 2008

 

JBS Q2 loss stretches to US$233 million
   
  

Brazilian meatpacker JBS has reported a second-quarter loss of US$233 million, compared with a net profit of US$25 million in the second quarter of 2007.
 

Revenue in the second quarter rose to US$4.5 billion from US$747 million in the year-ago period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the quarter reached US$185.6 million, compared with US$105.4 million in the same quarter in 2007.

 

The negative results came from the appreciation of Brazilian real, which impacted its international operations, and the debts accumulated from acquisitions in the US, according to JBS.

 

JBS went on an acquisition spree last year and became the world's largest beef producer. Its acquisitions include Australia's Tasman Group and the US' Swift & Co.

 

JBS ended the second quarter with a net debt of US$1.4 billion, up from US$1.3 billion as of March 31.

 

In the first quarter of the year, JBS lost US$4 million.

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