JBS increases Q1 sales revenues
Meat and leather manufacturing group JBS has reported first-quarter revenues of more than $9.6 billion, an increase of 27.3% compared to the same quarter last year. Pre-tax earnings on this total amounted to around $665 million, an increase of 22.6% year on year.
The group reports the results of its leather-making division, JBS Couros, as part of JBS Brasil. In the first quarter of 2020, JBS Brasil achieved revenues of $1.4 billion, an increase of 20.6% compared to the same quarter in 2019.
Chief executive, Gilberto Tomazoni, said the group had felt the first effects of the covid-19 pandemic during the last month of the quarter, March. He said demand dropped in the hospitality sector, but rose among retail customers. “Our team was able to react quickly,” Mr Tomazoni said, “and shifted the bulk of production from one market to the other.”
