JBS bemoans “challenging” quarter in South America
15/11/2016
These figures represent a decline in revenues of 4.3% compared to the same quarter in 2015 and a fall in earnings of 18%.
The company reports the results of its leather division with those of its business in South America. During the quarter, this business unit brought in revenues of almost $2 billion, with earnings on this of $98.5 million. These figures represent declines of 5% in revenues and of 47.1% in earnings.
In the course of this quarter, JBS opened a new packer plant in Paraguay, which it has described as one of the most modern across the whole group. It has the capacity to process 1,200 head of cattle per day, which will increase JBS’s capacity in Paraguay by 75%.
Chief executive, Wesley Batista, said on reporting the results that the quarter had been “challenging” in South America, especially in Brazil, but more successful in JBS’s international business, particularly in the US, where high levels of cattle slaughter have favoured the company’s activities. He added that JBS believes the market in Brazil will improve in the months ahead.
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