Biggest beef firm’s profits down 78%

Sao Paolo: JBS SA, the world’s biggest beef producer, said third-quarter profit declined 78% from a year earlier, when the meat -packer posted gains from currency hedges. The stock was the biggest drop in the Bovespa index.

Net income fell to 151.5 million reais (€58.24 million), or 11 centavos a share, from 694 million reais, or 49 centavos, a year earlier, JBS said.

The year-earlier profit had been boosted by gains of 722 million reais from hedges to protect cash set aside for acquisitions.