November 5, 2008

World leading beef producer JBS has posted a third-quarter net profit of BRL 694 million (US$327.1 million), compared with a year-ago loss of BRL 78.3 million (US$37 million).

The company said in late September that the depreciation of the Brazilian real against the US dollar since August had had a positive impact of about BRL 700 million (US$330.2 million) on earnings.

EBITDA reached BRL 470.5 million (US$222.1 million), up from BRL 174.9 million (US$82.5 million) in the same quarter last year.

In recent years, JBS has expanded with acquisitions of both domestic and overseas beef processors. The US Justice Department has blocked JBS' attempt to acquire the US National Beef Packing Co for US$560 million, but both companies said they would fight for approval.

In late October, the US government said it would approve JBS' acquisition of Smithfield Foods Inc. for US$565 million.

JBS acquired large US beef producer Swift in 2007.