Profits surge reported by JBS
"Best operational results in our history", described JBS CEO Jose Batista Sobrinho the financial situation reported by the company for 2017.
Last year, JBS made profits of $165 million, an increase of 128% from the prior year, informs Drovers magazine.
It could have been better if the Brazilan company haven't been dragged into a corruption scandal that led to losses in the fourth quarter and a net revenue falling by 4,2% ($51.5 billion), as a result of currency exchange variation and the sale of various assets.
In June 2017, JBS sold plants in Paraguay and Uruguay to Minerva SA, in a $300 million transaction. A month ago, the company announced the sale of Five Rivers Cattle Feeding for approximately $200 million to Pinnacle Asset Management, L.P.
Five Rivers Cattle Feeding has a capacity for nearly one million cattle, and it announced it would continue to supply cattle to JBS USA beef processing plants as part of a long-term agreement in conjunction with the sale agreement.
"In 2017, we ended another year with solid, consistent results that demonstrate our capacity to overcome challenges", concluded Jos Batista Sobrinho.
(Photo source: Mergr.com)
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