Brazil’s JBS reported its profits in the third quarter fell by close to 80%. Net income fell to 151.5 million reais (US$87 million), from 694 million reais a year earlier, according to Bloomberg.
The meat processing industry worldwide has been hit by falling demand and lower cattle prices due to the worldwide economic recession.
JBS’s Brazilian Web site reported sales climbed 7.8% to 8.38 billion reais from last year after JBS bought a number of companies. Among the highlights for the quarter was the purchase of U.S. poultry giant Pilgrim’s Pride and the association with Brazilian meat processor Bertin.
The JBS site went on to say that although there were relevant gains in productivity in the JBS international operations, the impact of the economic crisis on important consumer markets caused a contraction of the profit margins.
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