JBS SA, the world's biggest meatpacker, reported a nearly 64% fall in net profits for the fourth quarter, blaming its US beef operations and a more challenging scenario for Pilgrim’s Pride, a JBS unit struggling with an oversupplied global market for chicken meat, reported Reuters.

JBS said on Tuesday its net profit came in at 2.35 billion reais ($448.99 million) in the period, while adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was 4.6 billion reais, 65% below the result in the fourth quarter of 2021.