BRAZIL: Meat giant JBS books H1 profit
- H1 profit of BRL285.6m
- EBITDA up 20.1%, sales increase 17.7%
- Domestic beef, poultry expansion helps growth
JBS expanded beef production and started poultry processing in Brazil
Brazil-based meat processor JBS has reported a first-half profit of over BRL285m (US$140.6m), swinging from a loss of BRL34m a year earlier.
An expansion of JBS's domestic beef capacity and a move into poultry in its home market boosted sales and contributed to its improved bottom line.
JBS booked net revenue of BRL34.5bn for the first six months of the year, up 17.7% on the year before.
Consolidated EBITDA was BRL1.71bn, an increase of 20.1% on the first half of 2011.
The company recorded net income of BRL285.6m, compared to a loss of BRL33.8m a year ago when losses at its US poultry unit Pilgrim's Pride hit earnings.
JBS S.A. (Bovespa: JBSS3)*
São Paulo, August 14th, 2012
Net Revenue increased 26% in 2Q12
Consolidated EBITDA surpassed R$1.0 billion
Adjusted Net Income of R$213 million
JBS posted consolidated net revenue of R$18.5 billion, 26.3% higher than 2Q11.
Consolidated EBITDA was R$1,012.8 million, an increase of 72.3% compared to 2Q11. EBITDA margin was 5.5%.
JBS Mercosul was the highlight of the quarter reporting net revenue of R$4,317.7 million, an increase of 19.4% over 2Q11. EBITDA increased 47.3% over the same period and was R$630.3 million with an EBITDA margin of 14.6%.
JBS USA Chicken (Pilgrim’s Pride Corporation – “PPC”) posted net revenue of US$2.0 billion and EBITDA of US$125.7 million in the period, reversing the negative result presented in 2Q11.
Adjusted net Income in the period was R$212.9 million excluding deferred income tax liabilities generated by goodwill (this deferred income tax is disbursed only if the company sells the investment that generated goodwill). Reported consolidated net income was R$169.5 million.
The Company ended the quarter with R$5.475 billion in cash and cash equivalent, corresponding to more than 110% of short-term debt.
1st SEMESTER, 12 (1S12) HIGHLIGHTS
During the semester, net revenue totaled R$34.5 billion, 17.7% higher than 1S11.
Consolidated EBITDA was R$1,709.3 million in 1S12, which is 20.1% above 1S11. EBITDA margin of the semester was 5.0%.
Adjusted net Income for the semester was R$453.2 million excluding deferred income tax liabilities generated by goodwill. First half reported consolidated net income was R$285.6 million.
Start up in the poultry industry in Brazil through the rental of Frangosul assets, with a processing capacity of 1.1 million birds/day.
Ramp up of the beef business in Brazil adding new units with the capacity to process about 8,000 head/day.
Independent listing of Vigor S.A. through the conclusion of the Voluntary Public Tender Offer for the Acquisition of JBS Shares in Exchange for Vigor Shares.
Click here for the full release.
Original source: JBS
- Nestle catering for an ageing global population
- Unilever is "working harder" in tough environment
- What post-Brexit trade with the EU could look like
- What next for Nestle under new CEO Schneider?
- Hemp food sales in the US set for growth
- Job cuts imminent as General Mills restructures
- Unilever sees growth but spreads decline continues
- Kerry Foods sets its sights on C-sector
- Lindt organic sales miss market expectations
- Greencore pays GBP15m for Cranswick sandwich unit