from July to September alone did not translate into a net benefit due to the impact of R$ 2.4 billion (without effect on cash) of the
company's accession to Funrural Refis (a rural tax regularization program), the company reported in its balance sheet.
JBS registered a net loss of R$ 133.5 million (about US$ 36 million) in the third quarter. In the same period of 2017, it h ad
earnings of R$ 323 million. If it were not for the Refis and the impact of the exchange variation on the value of the debt (also
without effect on cash), the company would have profited R$ 2.135 million. In the third quarter, it generated R$ 2.3 million in net
earnings, and again reduced the leverage ratio (ratio between net debt and Ebitda) from 3.47 times, at the end of June, to 3.38
times in September.
In the operating area , JBS reported earnings before interest, taxes, depreciation and amortization (Ebitda) of R$ 4.4 billion, a
record. The adjusted Ebitda margin reached 9% in the third quarter, down from 10.5% registered a year earlier.
To a large extent, the record result was due to operations in Brazil, where JBS made a significant improvement and helped to
minimize the difficulties faced by Pilgrim's Pride, a chicken company in the US that suffers due to a large supply and weak
demand, according to Valor.