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.
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.
See Also:
Group net revenue for the quarter was higher at BRL38.9bn compared with BRL33.8bn a year earlier.
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