BRAZIL: FY profits up at meat giant JBS
JBS exports were up 20% in 2013
Brazil-based meat group JBS has booked a 29% jump in earnings for 2013 thanks to a domestic poultry acquisition and the "best ever" year for US chicken arm Pilgrim's Pride.
JBS posted net income of BRL926.9m (US$398.9m), up from BRL718.9m in 2012. Operating income grew 28.4% to BRL1.78bn.
Net revenue increased 22.7% to BRL92.9bn during 2013. Sales from JBS's Mercosul unit jumped 43.3% as it benefited from the acquisition of poultry business Seara Brasil from domestic rival Marfrig. JBS also pointed to improvement from its Brazilian beef arm.
The company said its US chicken unit saw net revenue rise 3.6% to US$8.41bn, with net income from the business more than trebling to $549.6m.
JBS's exports were up 20% to $12bn. CEO Wesley Mendonça Batista said the number of JBS's export markets increased, while it saw demand rise in emerging economies.
The group saw sales and profits increase in its fourth quarter, although its net income of BRL140.7m fell below the average analyst forecast of BRL374m, according to a Thomson Reuters poll. JBS saw net financial expenses more than double in the quarter.
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