August 15, 2018 / 1:24 PM / 5 months ago

JBS says it would need to raise prices 7 pct to offset grain cost

SAO PAULO, Aug 15 (Reuters) - The processed foods division of JBS SA would need to raise consumer prices by another 7 percent to pass through higher feed costs, executives said on Wednesday on a conference call with analysts to discuss second-quarter results.

The Brazilian company was able to raise product prices by 3 percent in the second quarter, but that was not enough to offset higher grain prices, they said. Brazil processed foods unit Seara’s net revenue fell by 5.4 percent compared with the same quarter a year ago to 4 billion reais ($1.02 billion) due to trade bans and the effects of a truckers’ strike in May. ($1 = 3.9066 reais) (Reporting by Ana Mano Editing by Susan Thomas)

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