JBS reverses loss and has a profit of R$ 357 million in the third quarter

SAO Paulo — The world's largest meat processor, JBS, on Thursday reported net income of R$ 356.7 million for the third quarter, reversing a loss of 133 million a year earlier, supported by higher prices of products that benefited outbreak of African swine fever in Asai. The group's net revenue rose 5.6% over the third quarter of 2018 to R$ 52.1 billion, driven in part by strong sales of the Seara and beef processed food divisions in Brazil. Seara's sales rose 7.4 percent to R$5.4 billion, with a 10 percent increase in prices helping minimize a 2.3 percent reduction in volumes sold, JBS said on the balance sheet. The company also cited a 19 percent growth in seara pig exports. Sales of chicken and pork from the unit to China grew 46% in dollars. In the United States unit, which includes Australia and Canada, net revenue was $5.6 billion in the third quarter, an increase of 3.8% on the annual basis, mainly supported by a 3.2% increase in prices while volumes were virtually Stable. JBS adjusted earnings before interest, taxes, depreciation and amortization (Edited) in the third quarter was R$ 5.92 billion, a 33.6% jump over the same period last year. Analysts on average expected Edited 5.42 billion reais and net income of 842.95 million, according to Data from Refinitiv.