JBS revenues up, income declines on tax payments

by Meat&Poultry Staff
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SÃO PAULO, Brazil – JBS SA posted first-quarter income of 116 million reais ($58 million), down from 146.9 million ($73.6 million) in 2011 on more taxes the company paid during the period. However, first quarter net revenues advanced 9.1 percent to R16 billion ($8 billion) compared to R14.67 billion ($7.355 billion) in the 2011 comparable period. EBITDA declined 16.7 percent to R696.5 million ($349.2 million).

JBS paid R123 million in first-quarter income taxes compared to a R17.4 million gain on a tax reimbursement in 2011, the company said.

JBS USA Pork revenue rose 2.2 percent to $855.4 million. EBITDA was $55.8 million.

JBS USA Chicken (PPC) posted net revenues of $1.9 billion, the company said. EBITDA was $104 million in the first quarter, reversing the negative result from the year-ago comparable period.

JBS expanded poultry and beef production early in 2012. The lease of Frangosul assets will give JBS the capacity to process 1.1 million birds per day. The company added 12 beef slaughter facilities in Brazil with a combined capacity to process roughly 8,000 head per day. These expansions will add estimated annualized revenue of R4.5 billion ($2.26 billion), the company said.

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