Brazilian meatpacker and hide processor JBS SA has reported its financial results for the second quarter of 2023, when consolidated net sales were down by 3.6% year-on-year to US$18.1 billion, reports ILM.

In the period, adjusted EBITDA was down by 57.1% to US$902.8 million while the adjusted EBITDA margin was 5%. The company made a net loss of US$53 million in the quarter.

JBS Beef North America reported net sales of US$5.8 billion for the quarter, falling by 5.1% year-on-year, while its adjusted EBITDA was down by 85.9% to US$85.9 million with a margin of 1.5%.

JBS Australia had net sales of US$1.5 billion, a year-on-year drop of 9.9%, while adjusted EBITDA came in at US$143.5 million, down by 0.9%, with a margin of 9.5%.

PPC had net sales of US$ 4.3 billion (down 7%), adjusted EBITDA of US$375.3 million (down 49.2%) and an adjusted EBITDA margin of 8.7%. Meanwhile, SEARA reported net sales down 4.1% to US$2.1 billion, adjusted EBITDA down 72.3% to US$84.8 million and a margin of 4.1%.

JBS Brasil had net sales of US$2.8 billion, down by 1.5% year-on-year, with an adjusted EBITDA result down by 16.4% to US$136.5 million and a margin of 4.8%. Finally, JBS USA Pork had net sales of US$1.8 billion, down by 15.8%, with adjusted EBITDA down by 43.5% to US$78 million and a margin of 4.4%.

Global CEO Gilberto Tomazoni said: “The results of this second quarter of 2023 once again demonstrated the strength of our diversified global platform and our ability and agility to implement operational management measures to improve our commercial and industrial performance, even in an adverse scenario.

“Our promising prospects for 2023 have begun to materialise. Although the global context remains challenging for the protein sector, we have confidence that we have started a gradual recovery of our margins.”