Brazil's JBS reports profit of $521 million in first quarter
SAO PAULO, May 13 (Reuters) - JBS (JBSS3.SA), opens new tab, the world's largest meatpacker, on Tuesday reported a net profit of 2.92 billion reais ($521 million) in the first quarter, in line with analysts' estimates of a 2.92 billion real net profit and a nearly 78% annual increase.
In a financial statement, the company said earnings before interest, tax, depreciation and amortization, a measure of operating income known as EBITDA, came in at 8.92 billion reais, above the 8.77 billion reais forecast by analysts.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a day ago
- Reuters
Gol exits Chapter 11 with plans to add new routes and expand fleet
SAO PAULO, June 6 (Reuters) - Brazilian airline Gol ( opens new tab formally exited its bankruptcy proceedings in the United States on Friday, setting the stage for fleet expansion and new flights and routes within Brazil and other countries, Chief Executive Officer Celso Ferrer told Reuters. In 2024, Gol became the second Brazilian airline, after Latam in 2020, to seek Chapter 11 bankruptcy protection in the United States as the sector grappled with debt burdens, a steep decline in passenger numbers during the COVID-19 pandemic, and aircraft delivery delays. Azul , a Gol competitor, filed for Chapter 11 last month. Despite Azul's financial struggles, talks over a potential partnership between the carrier and Gol are ongoing, Ferrer said. But a final deal "will only happen if it adds value and results, whether through routes or growth. If it's better for everyone," he added. Discussions regarding the business combination, which were formalized with a memorandum of understanding last January, are being managed by Abra Group, the majority investor in both Gol and Colombia's Avianca.
Reuters
a day ago
- Reuters
Brazil authorities rule out suspected bird flu case at commercial farm
PORTO ALEGRE, June 6 (Reuters) - Brazil's Rio Grande do Sul state Agriculture Secretariat on Friday ruled out another suspected bird flu case at a commercial chicken farm in the town of Teutonia, after laboratory test results came back negative. The farm is located in Rio Grande do Sul state, the same state where the only other commercial farm outbreak occurred.
Reuters
2 days ago
- Reuters
MercadoLibre expands free shipping in top market Brazil amid rising competition
SAO PAULO, June 6 (Reuters) - Latin American e-commerce giant MercadoLibre (MELI.O), opens new tab is expanding free shipping in its main market Brazil, it said on Friday, a move expected to be costly but which the company hopes will drive sales higher amid fierce competition. MercadoLibre, Latin's America most valuable company by market cap, earns more than 50% of its e-commerce revenues in Brazil, where it competes with Amazon (AMZN.O), opens new tab and Sea's (SE.N), opens new tab Shopee, and more recently with players like Temu. MercadoLibre said sales of 19 reais ($3.40) or more are now exempt from shipping fees in Brazil, from a minimum of 79 reais ($14.15) previously. "Practically the entire site will have free shipping from now on," the head of MercadoLibre's e-commerce operations in Brazil, Fernando Yunes, told journalists. He said the financial impact will be absorbed by the company, although he did not give an estimate on the scale of the costs of the expanded free shipping. MercadoLibre confirmed it has been cutting shipping costs for the companies and people selling on its platform in Brazil by up to 40% since late May, a move that had been noted by analysts. "The increased shipping discount targets a price range of products close to where Shopee seems to be gaining traction," analysts at Itau BBA said in a May 22 report to clients. ($1 = 5.5845 reais)
