SÃO PAULO, BRAZIL — JBS S.A. posted a profit for the second quarter due to increases in sales and a sharp decline in losses on foreign exchange and other financial instruments, according to Bloomberg. Net income totaled 172.7 million reais (US$94.2 million), compared with losses of 364.4 million reais (U.S.$197.5) a year earlier.
Sales increased 30% to 9.26 billion reais (U.S.$5.02 billion) from a year earlier due to expansion in Brazil and including Smithfield Beef on its balance sheet.
Looking forward, the company’s president was optimistic about the future. "As we enter the second semester of 2009, we see that the world is gradually climbing out of the crisis initiated in 2008," said Joesley Mendonça Batista, president. "There is more credit available and more importantly, the cost of new credit facilities are declining. International trade is picking up and protein consumption is returning to normalized levels. Our international production platform built over the last number of years is now ready to capitalize on this movement of recovery."