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Brazil headquartered meatpacker and tanning giant, JBS SA posted a net loss in the second quarter as a trucker’s strike that took place last May and a sharp rise in currency-related charges affected its results.
In a securities filing on August 14, JBS reported a real 826.9 million (US$213.88 million) net loss in the period, which was worse than some analysts’ estimates.
The company booked a one-off real 113 million (US$28.6 million) loss related to the truckers’ strike, which paralyzed Brazil’s roads for 11 days, and a 113% rise in total financial expenses to real 4.72 billion (US$1.2 billion) in the quarter, according to the filing.
Issues affecting JBS’s Seara processed food division in Brazil and its pork and chicken businesses in the United States also under performed. Seara’s net revenue fell by 5.4% to real 4 billion (US$1 billion) after a Russian ban on Brazilian pork meat imports and the effects of the truckers’ strike reduced sales volumes. Exports at Seara fell by 19% in the last quarter, JBS said.