Brazil: JBS reports Q2 net income US$83.6 m, pork down

20-08-2012 | |
Brazil: JBS reports Q2 net income US$83.6 m, pork down

JBS SA announced for the fiscal second quarter of 2012, consolidated reported net income was R$169.5 million (US$83.6 million) vs. R$116 million (US$57 million) during the same period last year. JBS USA Pork net income was 0.2% less than for the same period last year.

Consolidated net revenue totalled R$18,468.3 million (US$9,113 million), an increase of 26.3 % compared to last year’s second quarter of R$14,621.8 million (US$7,215 million). The increase was the result of the Brazilian Beef Business’ performance, the revenue increase in the JBS USA Beef unit and the devaluation of the real vs. the US dollar in the period.

Approximately 76 % of global sales were generated domestically in the markets where the company has operations and 24 % came from exports.

EBITDA totalled R$1,012.8 million (US$500 million) in the second quarter, up 72.3 % compared to 2Q11. The improved consolidated performance was due to the result achieved by JBS Mercosul, which posted growth of 47.3 % over 2Q11, and also due to the improvement presented by Pilgrim’s.

Year-to-date consolidated EBITDA was R$1,709.3 million (US$843 million), which represents an increase of 20.1 % over the previous year’s same period. EBITDA margin in first half of the year was 5.0 %.

Net revenue in JBS USA Pork for 2Q12 totalled US$844.0 million, 0.2 % below 2Q11. An increase in the number of animals slaughtered year-on-year was offset by lower average selling prices especially in the export market. Versus 1Q12, revenue slipped 1.3 % due to the decrease in the number of animals slaughtered resulting in reduced sales volume.

EBITDA totalled US$49.2 million in 2Q12 with an EBITDA margin of 5.8 %. The total was influenced by reduced average selling prices in general due to oversupply of raw material in the period.

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