date:May 16, 2014
JBS SA reported first quarter net income of R$70 million ($31.51 million), down from R$227.9 million ($102.52 million) in the year-ago quarter.
The company attributed the result to the negative impact of its hedging activities. JBS incurred carry costs of R$270.0 million ($121.66 million), and the real appreciation also weighed on earnings. The company said: This result was negatively impacted by carry costs...and by the income taxes in the period which amounted to R$139.7 million ($62.93 mill