JBS, the Brazil-based meat group, has booked lower profits for the second quarter on the back of higher costs, although sales grew year-on-year.
For the quarter ended JBS reported a net profit of BRL80.1m (US$22.7m) compared with BRL1.4bn.
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JBS had saw financial expenses rise to BRL2.3bn, more than double the level of the second quarter of 2014. The company also reported higher SG&A expenses. Operating income dropped 43% to BRL427.5m.
EBITDA for the quarter was BRL3.6bn, an increase of 47%. JBS pointed to the "strong growth" in EBITDA from JBS Foods – its domestic pork, poultry and processed foods arm – as well as from its US beef and chicken units.
Sales and EBITDA from JBS's US pork arm fell amid lower selling prices.
Group net revenue for the quarter was higher at BRL38.9bn compared with BRL33.8bn a year earlier.
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By GlobalData
