Tuesday, August 15, 2017

Scandal-ridden JBS profits plunge

Wracked by two major scandals, Brazil's JBS S.A. reported a 79.8 percent drop in net profit for the second quarter  to $97.15 million US.

The company’s owners have confessed they bribed government officials to obtain loans from a government-owned bank. The president of Brazil is barely clinging to power because of this and other scandals.

And JBS was one of several Brazilian meat packers found guilty of bribing meat inspectors to clear sub-standard products for export.

JBS's revenue declined by 4.6 percent to $13.1 billion) US.

It’s U.S. operatiosn did much better. JBS USA Pork increased sales by 11.8 per cent to $1.5 billion which includes sales from Plumrose which it bought in May.

U.S.-based poultry processor Pilgrim's Pride posted $2.2 billion in net revenue for the second quarter, up 11 percent from the same period in 2016, as a result of the integration of GNP assets and price increases.