JBS posted a net income of BRL4.6 billion (US$1.2 billion) in fiscal year 2015, nearly a 128 percent improvement over the BRL2 billion (US$596 million) posted in fiscal year 2014.

However, the Brazil-based company posted a net loss of BRL275.1 million (US$73.5 million) in the fourth quarter, compared to a net gain of BRL618.8 million ($US162.3 million) for the same quarter completed one year ago.

The losses for the quarter are largely attributable to a BRL1.34 billion (US$347 million) loss on its hedging of foreign exchange, reported AgWeb.

However, Wesley Batista, JBS Global CEO, was upbeat about the company’s overall performance during the financial periods.

“Our global production platform, unique in the market, combined with our relentless pursuit of operational excellence, permitted us to register good results during 2015,” Batista stated in a press release. “It was a notable year for JBS as we evolved significantly in our strategy. We strengthened our operations in key food producing regions globally and diversified our portfolio, adding significantly more value to our products, under our reputable and well-known brands.”

JBS’ net sales for the fiscal year were reported at BRL162.9 billion (US$42.7 billion), an improvement of 35.2 percent. Net sales for the fourth quarter were BRL47.2 billion (US12.4 billion), up about 37.5 percent when compared to the same quarter of fiscal year 2014.