May 12, 2016 / 10:42 AM / 2 years ago

Brazil's JBS has bigger than expected loss in first quarter

BRASILIA, May 12 (Reuters) - Brazilian meat packer JBS posted a loss of 2.741 billion reais ($795.32 million) in the first quarter of 2016 on currency hedging costs, the company said on Thursday.

The loss from JBS, the world’s biggest meat packer, was bigger than estimates from analysts polled by Thomson Reuters who had expected a loss of 1.1 billion reais.

JBS’s adjusted earnings before interest, taxes, depreciation and amortization totaled 2.137 billion reais, down 22.5 percent from a year earlier.

On Wednesday, JBS proposed a corporate reorganization entailing the creation of a company to bring together international operations outside Brazil, its latest step to develop into a global food player.

The company also booked a loss in the fourth quarter, impacted by non-recurring expenses and losses to currency hedging.

The company scheduled a conference call to discuss the earnings on Thursday.

$1 = 3.4464 Brazilian reais Reporting by Silvio Cascione. Editing by Jane Merriman

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