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.
