SAO PAULO, Brazil – A huge jump in operating income led to a huge increase in net profit for JBS SA in the first quarter. The world’s largest beef exporter reported that first-quarter net profit for 2015 increased to $457.3 million (1.39 billion reais) from $23.2 million (70 million reais) a year earlier – a 1,892 percent increase.

JBS SA said its operating income rose to $697 million (2.1 billion reais), a 704.5 percent increase from a year earlier. Net profit also benefitted from a reversal in net financial results to $27.9 million (83.9 million reais) compared to a negative $288.9 million (869.3 million reais) a year earlier.

Total revenues in the first quarter were $11.2 billion (33.8 billion reais), a 28 percent gain from 2014’s first quarter.

JBS USA Beef reported net revenues of $5.19 billion, a 14.8 percent increase from the previous year. JBS USA includes Pilgrim’s Pride and Swift and is often the biggest contributor to the company’s overall revenues.

"Our strategy over the last years allowed us to create a global production platform,” JBS Global CEO Wesley Batista said. “Today we operate a diversified portfolio, with value-added products and strong brands worldwide. This strategy allows us to generate more solid and consistent results."

JBS reported that it ended the quarter with net debt of about $11 billion (33.2 billion reais) after acquisition of Primo Group in Australia and Big Frango in Brazil, in addition to the payment of extraordinary dividends at Pilgrim's Pride.