Adds new particulars from convention name
Adds new particulars from convention name
SAO PAULO, March 26 (Reuters) – Brazil’s JBS SA JBSS3.SA, the world’s largest meatpacker, has mentioned the corona virus epidemic might trigger container shortages and port disruptions and different logistics points, however mentioned exports ought to keep sturdy due to Chinese language demand.
In a convention name to focus on earnings outcomes on Thursday, JBS executives mentioned its export operations had not been hit by any disruptions like those who have affected frozen container cargos arriving in China in latest weeks.
They mentioned the corporate is banking on its long-term relationships with transport suppliers to maintain exports flowing.
JBS CEO Gilberto Tomazoni mentioned it’s too early to gauge the complete influence of coronavirus on meals gross sales, however famous market fundamentals haven’t modified, citing meat demand from Asia after a swine fever disrupted native provides.
He mentioned the corporate is just not reducing funding plans and the precedence is to proceed to supply meals and preserve jobs.
JBS predicted its United States crops will provide 30% of China’s pork import wants in 2020, with the corporate’s native operations benefiting from U.S. commerce agreements with international locations like Japan and South Korea to extend exports.
On Wednesday JBS reported its fourth-quarter internet revenue soared 332% over the prior-year interval, due to a surge in gross sales to China, which elevated meals imports dramatically after the outbreak of swine fever that killed about half of its pig herds.
Fourth-quarter internet revenue totaled 2.43 billion reais ($482.5 million).
(Reporting by Ana Mano Enhancing by Chizu Nomiyama)
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