By Jeffrey T. LewisSÃO PAULO--Brazil's JBS SA, the world's largest meat processor, said Thursday it lost money in the first quarter as its costs increased and sales declined. The meatpacking company reported a net loss of 1.5 billion reais, the equivalent of $304 million, compared with net income of BRL5.1 billion in the year-earlier period. Net revenue fell to BRL86.7 billion from BRL90.9 billion. The cost of grain has already become more favorable, while the cost of renting containers has declined, benefiting exports to Asia, JBS said. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com(END) Dow Jones NewswiresMay 11, 2023 18:43 ET (22:43 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal May 12, 2023 04:48 UTC