Second quarter profit prompts JBS to think about further expansion
17/08/2009
Packer and tanning group JBS Friboi has turned a corner, according to company president, Joesley Batista, and will start to look again at its expansion programme.
The announcement came after the group returned a profit of US$ 93.2 million for the second quarter of 2009. Mr Batista said growth in the months ahead could be organic, but could also come from acquisitions. “We are looking at the possibilities,” he said, “but there is nothing concrete in place yet.”
An initial public offering of shares in its US business unit, from which it hopes to bring in around $2 billion, will go ahead and this will fund any acquisitions the group makes.
Slaughter increased by 14.9% in the second quarter, compared to the first three months of the year. In total, for the April-June period, JBS Friboi slaughtered 893.5 million head of cattle across the globe. The figure represents a 3.7% rise on the same period last year.
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