JBS SA reports lower profit in Q2

by MEAT+POULTRY staff
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SAO PAULO, Brazil – While JBS SA reported positive results of its 2015 fiscal second quarter ended June 30, in terms of net revenue, gross income and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), the company’s Q2 net profit declined significantly compared to the same period last year.

On the positive side, JBS announced net revenue for the quarter of 38.905 billion reais ($11.047 billion), a 34.3 percent increase over the same quarter’s 28.968 billion reais ($8.225 billion) and gross income growth of 38 percent to 5.872 billion reais ($1.667 billion) with EBITDA up 47 percent from a year earlier, to 3.577 billion reais ($1.015 billion). However, the company’s profit declined 68.5 percent during the quarter versus last year, from 254.3 million reais ($72.211 million) to 80.1 million reais ($22.745 million) this year.

Wesley Batista, global CEO of JBS was optimistic about the overall results.

“The numbers for this quarter once again demonstrate the solidity and consistence of our results, thanks to a business model developed throughout the years, with the construction of a diversified production platform, with extensive access to consumers across the globe and a broad and diversified portfolio of products,” Batista said. “Our focus on operational excellence and our financial discipline has permitted us to mitigate the effects of volatility associated with our business.”

JBS recently made headlines with its announcement to acquire Cargill’s pork business for $1.45 billion in addition to plans to buy Marfrig Global Foods SA’s Moy Park Ltd.’s poultry business as expansion remains a focus for the global firm.

“We continue focused on operational excellence, the quality of our products, the expansion of our customer base, the optimization of our sales channels, the expansion of our portfolio of prepared and high value added products, while investing in our brands,” Batista concluded.
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