JBS reports losses in Q1 but sees signs of recovery
26/05/2009
JBS, the largest
meat packing company in the world, has issued a report showing its results for the first quarter of 2009.
Over the period, the company recorded net revenues of US$4.6 billion, which means 58.2% growth compared to the same period last year and a 3.8% drop compared to the last quarter of 2008. Earnings compared to the first quarter of 2008 were up 20.4% at $106 million.
Nevertheless, the company closed the quarter with a net loss of US$161.5 million, up from a loss of US$3.3 million for the same period in 2008.But JBS also said it believes that recovery will start in the coming months. “We can already see signs of recovery and expect the second quarter to be better and the third to be better still,” said Joesley Batista, president of the company, during a meeting with financial analysts.
Over the period, the company recorded net revenues of US$4.6 billion, which means 58.2% growth compared to the same period last year and a 3.8% drop compared to the last quarter of 2008. Earnings compared to the first quarter of 2008 were up 20.4% at $106 million.
Nevertheless, the company closed the quarter with a net loss of US$161.5 million, up from a loss of US$3.3 million for the same period in 2008.But JBS also said it believes that recovery will start in the coming months. “We can already see signs of recovery and expect the second quarter to be better and the third to be better still,” said Joesley Batista, president of the company, during a meeting with financial analysts.
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