By Jeffrey T. Lewis
SAO PAULO--Brazil's JBS SA, the world's largest meat processor, said Wednesday its profit increased in the second quarter from a year earlier as beef sales in the U.S. increased, helped by growing demand from restaurants.
The meatpacking giant said it had net income of 4.4 billion reais,($843 million), compared with profit of 3.4 billion reais in the year earlier period. Net revenue rose to 85.6 billion reais from 67.6 billion reais and adjusted earnings before interest, taxes, depreciation and amortization increased 10.3% to 11.7 billion reais.
The company's U.S. beef unit's sales increased 18.8% from a year earlier to 35.7 billion reais, and in dollars the unit's sales rose 20.9% to $6.7 billion. Sales at JBS USA Pork increased 25.6% to 10.7 billion reais, and in dollars rose 27.8% to $2 billion.
JBS's net debt declined slightly in the second quarter from a year earlier, to 54.2 billion reais from 54.5 billion reais. The company said it had 16.8 billion reais in cash at the end of the quarter, and its JBS USA Beef unit has a $1.9 billion credit line, or 9.6 billion reais, giving JBS a total of cash and available credit of 26.4 billion reais, more than three times its short-term debt.
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(END) Dow Jones Newswires