JBS Profits Hit by Taxes and Higher Costs16 May 2014
BRAZIL - Brazil-based meat and poultry processor, JBS, saw gross profit rise by 67.9 per cent to 3.42 billion real (BRR), a rise of BRR1.4 billion in the first quarter of 2014.
However, the result was hit by carry costs and the income taxes in the period, which reached BRR139.7 million.
Net income in the first quarter of 2014 was BRR70.0 million, which corresponds to BRR24.40 per thousand shares.
The company had a rise of 35.3 per cent in net revenue in the first quarter of the year to BRR26.4 billion – a rise of BRR6.9 billion.
Consolidated EBITDA of BRR1.75 billion was an increase of 99.0 per cent over the first quarter of 2013 and EBITDA margin was 6.6 per cent.
The consolidated first quarter exports grew by 21 per cent compared in the first quarter of 2013, reaching US$ 3.1 billion.
JBS Foods posted net revenue of BRR2,780.0 million and EBITDA of BRR379.8 with EBITDA margin of 13.7 per cent.
JBS Mercosul posted net revenue of BRR5,725.3 million in the first quarter of 2014, 15.2 per cent higher than in the first quarter of 2013 and EBITDA of BRR596.1 million, with EBITDA margin of 10.4 per cent.
JBS USA Chicken (PPC) reported net revenue of US$ 2.018 billion, which was stable compared to the first quarter of 2013 and EBITDA of US$ 205.2 million, with a margin of 9.6 per cent.
Net Revenue of JBS USA Pork reached US$ 896.9 million, 6.5 per cent higher than in the same period in 2013, and EBITDA of US$ 82.9 million, with EBITDA margin of 9.6 per cent.
JBS USA Beef posted net revenue of US$ 4,520.7 million, 4.8 per cent higher than in the first quarter of 2013 and a negative EBITDA of US$ 22.5 million, with a EBITDA margin of -0.5 per cent.ThePoultrySite News Desk