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Profits down at JBS SA

JBS SA, the world’s largest beef producer reports first-quarter profits were $58 million down 21 percent from the first quarter last year. The company reports sales rose 9.1 percent compared to a year ago but earnings fell 16.7 percent thanks to a 10.6 percent increase in the cost of goods sold. The company ended the quarter with net debt of $5.65 billion U.S. dollars.

In recent months, JBS has leased 12 Brazilian beef plants adding slaughter capacity of 2 million cattle as well as a French-owned Brazilian chicken-processing company.

Last month, Pilgrim’s Pride, JBS’s U.S. poultry subsidiary reported a profit of $39.6 million for the first quarter. Market Watch says Pilgrim’s Pride accounts for 21 percent of JBS’s global sales.