JBS S.A., the largest meat packer in the world, lost $1,020,000 Cdn in its first quarter.
It lost on its hedging strategy and on declining revenues from its U.S. and Australian cattle businesses.
It’s U.S. cattle business includes the former XL Packers Ltd. plant in Alberta.
It lost $2.2 billion on its world-wide cattle business.
Revenues from its Pilgrim’s Pride poultry business in the U.S. also declined - by 4.4 per cent.
It made money on its operations in Brazil.
While it has twice lost hedging the U.S. dollar, the company says it’s still ahead because previous hedges provided a gain of $5.3 billion.