SAO PAULO (Reuters) – Brazil’s JBS SA on Thursday posted second-quarter net profits nearly twice as high as the average of analysts’ estimates, buoyed by a strong performance in its beef and pork divisions in the United States and at home.
Results from the world’s largest meat-packer showed a net profit of 3.38 billion reais ($629 million). Analysts in a Refinitiv poll had estimated net profit of 1.8 billion reais for the quarter, which was marked by disruptions at some of JBS’ U.S. and Brazilian production facilities due to outbreaks of the novel coronavirus.
The impact of COVID-19 on the animal protein industry was notable, especially in North America. In April, JBS said it temporarily closed three U.S. beef production units. Demand for beef was strong, though, positively impacting the price of meat, JBS said.
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