JBS, a meat and poultry company headquartered in Brazil, saw its net income surge 1,817 percent during the second quarter of fiscal year 2016.
Its net income during the quarter was BRL1.54 billion (US$470 million), compared to a net income of BRL80.1 million during the same quarter of the previous fiscal year.
The company saw its biggest financial gains from the JBS USA pork division, with its net revenues increasing by 71.6 percent, due to the integration of the assets owned by Cargill Pork, which JBS acquired in 2015.
Also adding to its improved financial situation was the ending of a currency hedging position, which harshly affected the company’s earnings during the same period of 2015.
JBS is a diversified animal protein company, both in terms of products and geographic regions. It is the parent company of Pilgrim’s, Seara, Moy Park, Swift, Doriana, Primo and Friboi.
“We are facing different opportunities and challenges in each region where we operate, which reinforces the relevance and the successful strategy to diversity in various markets and segments. We have a highly engaged and qualified team working with optimism, energy and confidence, investing in the strengthening of our brands and towards the sustainable development of our business,” JBS CEO Wesley Batista said in a statement.