JBS reports 4Q loss of BRL499.5 million
Company takes a hit with bank fee
São Paulo-based JBS S.A. is reporting a fourth-quarter 2010 loss of 499.5 million reais (about $301 million) after paying a bank penalty fee for postponing the initial public offering of its U.S.-based unit.
The company’s net income a year earlier was BRL127.9 million. The fine JBS paid in December 2010 to Brazil’s development bank amounted to BRL521.9 million.
Net sales increased 93% to BRL14.3 billion, from BRL7.41 billion in 2009, after the acquisition of Brazil’s Bertin SA and Pilgrim’s Pride Corp.
On March 24, JBS shares fell approximately 3.6% to close at BRL5.86 in São Paulo trading.