Pilgrims Pride has reported growth in profits for its first quarter of 2014

Pilgrim's Pride has reported growth in profits for its first quarter of 2014

US chicken processor Pilgrim's Pride has seen profits grow despite a drop in sales for the first quarter of 2014.

For the period ended 31 March, net profit for the firm was up to US$98m compared with US$54m last year.

The company, majority-owned by Brazil-based meat giant JBS, delivered an operating profit of $168m, versus US$73m for the same period a year earlier.

Sales, however, fell to US$2.02bn from US$2.04bn for the same period a year earlier.

Shares in the firm were down 1.28% to $21.58 today (1 May) at 11:11 ET.