August 16, 2007

Brazil's JBS quarterly profit jumps 21 percent

The world's largest beef producer and exporter, Brazil JBS SA, reported a 21 percent rise in second-quarter net profit.

In a statement issued late Tuesday (August 14), JBS' earnings rose to 38.7 million reais (US$19.2 million) from 32.1 million reais a year earlier.

Net revenue rose 25 percent to 1.17 billion reais.

The figures do not include the results of Swift Foods Co., the world's third-largest processor of fresh beef and pork products, which JBS acquired in July.

Earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 18.3 percent to 165.2 million reais.

Sales in the domestic market increased 32.3 percent to 487.9 million reais, while exports rose 20.5 percent to 683.3 million reais.

The acquisition of Swift made JBS the largest beef company in the world.