December 16, 2008
Pilgrim's Pride posts US$1 billion loss for 2008 fiscal year
Pilgrim's Pride has reported a financial loss of nearly US$1 billion in fiscal year 2008.
In a report to the Securities and Exchange Commission late Thursday (Dec 11), America's biggest chicken producer said it lost US$998.6 million during its fiscal year, compared with a profit of US$47 million on-year.
Before filing for bankruptcy protection on Dec 1, the company revealed that its fourth-quarter loss alone would be US$802 million, or US$10.83 a share.
Sales rose 14 percent for the year, to US$8.5 billion from US$7.5 billion a year ago.
The company, based in Pittsburg, Texas, was de-listed from the New York Stock Exchange after the bankruptcy filing.