JBS SA posted an unexpected second-quarter loss on derivatives, rising costs and a stronger Australian dollar
JBS posts second-quarter loss
JBS SA posted an unexpected second-quarter loss on derivatives, rising costs and a stronger Australian dollar, reports Bloomberg. The net loss was 180.8 million reais ($114 million), compared with a profit of 3.7 million reais in the year earlier period.
The company posted a financial loss of 591 million reais in the quarter, from a loss of 539.8 million a year earlier, because of a foreign exchange hedge position. A stronger Australian dollar and rising grain costs also hurt earnings, the company said. Sales increased from 14.1billion reais a year earlier to 14.6 billion reais this quarter.