JBS reports Q3 loss due to currency drop, Pilgrim's Pride losses
JBS SA reported a loss in the third-quarter because of losses at its Pilgrim's Pride unit and a weaker Brazilian real that increased the value of foreign debt, reports Urner Barry's FoodMarket. The company posted a net loss of 67.5 million reais ($38.2 million) in the third quarter, compared to a profit of 143.4 million reais in the same period a year ago.
JBS's Pilgrim's Pride unit reported on Oct. 28 a net loss of $162.5 million in the third quarter after chicken prices fell and feed-ingredient costs rose in the U.S. That compares with net income of $57.9 million a year earlier. JBS bought a majority stake in Pilgrim's Pride in December 2009 for $800 million. The Brazilian real plunged 17 percent against the dollar in the third quarter.