JBS posts $53 million loss in second quarter
Brazil-based meat and tannery group JBS released their Q2 2023 financial results this week, showing a $53 million net loss, down from $803 million net profit in 2022.
CEO Gilberto Tomazoni said the decline was attributable to an oversupply of poultry and tighter beef margins in the US, describing the situation as “an overall challenging global protein complex”.
With the forecast that US beef business will continue to see challenges for the coming months due to tighter cattle supplies, he added.
CEO of JBS South America, Wesley Batista Filho noted that herd rebuilding in 2024 was evident but intimated that even tighter cattle supplies will continue into next year.
Q2 2023 net revenue for JBS Beef North America was $5.8 billion, an increase of 5% compared to the same quarter last year.
