Swift help JBS margins
4 August 2008JBS SA, parent of Greeley, Colorado-based JBS-Swift & Co, say that results for their US unit helped offset the fourth straight quarterly loss overall for the Brazilian beef producer.
The Sao Paulo-based company reported a net loss of $233.4 million for the second fiscal quarter, ended June 30, on expenses related to US acquisitions and currency losses. The loss compares with net income of $24.8 million for the same quarter a year ago. Sales for the quarter, meanwhile, increased more than six-fold, to $4.57 billion, mostly due to the acquisition of Swift & Co in July 2007. However, a recovery at JBS-Swift, including Swift's beef, pork and Australia holdings, helped compensate for the parent's loss. Beef, for example, earned $132.9 million on sales of $2.63 billion in the second quarter, a turnaround from a loss of $900,000 on sales of $1.98 billion for the business in the first quarter of 2008. Source: Meatingplace.com
