JBS profit from weaker reais

16 May 2013

Net income climbed to 227.9 million reais ($113 million), or 8 centavos a share in the quarter, from 116.1 million reais, or 4 centavos, a year earlier, the Sao Paulo-based company said on May 15. Profit excluding a one-time tax charge was 374.5 million reais, JBS said.

Sales increased 22% to 19.5 billion reais as a 9.6 percent decline of the Brazilian real against the US dollar in the year through March made their exports more competitive. JBS shares soared 6% to 6.55 reais in Sao Paulo, heading to the highest close since April 10.

JBS expects profit margins to increase at their beef units in Brazil, Argentina and the US, Chief Executive Officer Wesley Batista said.

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