JBS S.A. net income falls 78% in third quarter
November 13, 2009
by Bryan Salvage
SÃO PAULO, BRAZIL — JBS S.A. announced third-quarter net income fell 78% to 151.5 million reais ($87.4 million) from 694 million reais ($405.5 million) a year earlier, according to Reuters. Increasing close to 8%, revenues totaled 8.38 billion reais ($4.9 billion) compared with 7.78 billion reais ($4.6 billion) one year earlier, the company said in a securities filing.
"Despite relevant efficiency gains in our international operations, the impact of the global crisis over important markets led to a reduction in margins," JBS said in a statement.
Earnings before interest, taxes, depreciation and amortization (E.B.I.T.D.A.) decreased 38% from a year earlier to 292 million reais ($170.6). "The weakening of the U.S. dollar and the decline in sales prices had a negative impact on JBS's consolidated E.B.I.T.D.A.," the company said.