JBS, the world’s largest beef producer, has recorded an increase in first-quarter earnings as beef prices and sales volumes in its domestic market increased.

Net profit in the three months to the end of March reached BRL227.9m (US$112.8m) compared to earnings of BRL116.1m last year. The result beat the average estimate of BRL118m in a Thomson Reuters poll.

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Operating profit climbed 53.6% to BRL371.1m.

Net sales reached BRL19.53bn, up from BRL16.01m last year. Revenues were boosted by an increase in beef volumes and the initiation of its poultry business in Brazil. The price increase of beef and poultry products in the US and the start of beef operations in Canada also drove sales.

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