May 14, 2020 / 11:35 PM / 12 days ago

Brazil's JBS reports steep first-quarter loss as forex swings hurt bottom line

FILE PHOTO: A JBS SA poultry factory employee is pictured after the company was hit by an outbreak of the coronavirus disease (COVID-19), in Passo Fundo, state of Rio Grande do Sul, Brazil, April 24, 2020. REUTERS/Diego Vara

SAO PAULO (Reuters) - Brazilian meatpacker JBS SA reported a steep 6 billion reais ($1.03 billion) net loss in the first quarter as exchange rate variations affected results, according to an earnings statement on Thursday.

The company said the non-cash impact of foreign exchange swings was 8.2 billion reais in the period. Excluding these effects, the company’s net profit would have been 803 million reais. In the first quarter of 2019, JBS recorded a net profit of about 1 billion reais.

Reporting by Ana Mano; Editing by Sandra Maler

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