Brazil's JBS SA, the world's largest beef exporter, said on Thursday its second-quarter net profit slumped 68.5 percent to 80 million reais ($22.7 million) from a year earlier.
JBS' earnings before interest, taxes, depreciation and amortization - a measure of cash flow known as EBITDA - was 3.577 billion reais in the quarter, up 47 percent from 2.432 billion reais a year earlier, according to the filing.
The company scheduled a conference call on Friday to discuss the results.
JBS said it ended the quarter with a net debt of 34.8 billion reais. The company said on June 21 it would acquire Moy Park Ltd, the British unit of rival Marfrig Global Foods SA .
On July 1, JBS said it was buying Cargill Inc's U.S. pork business for $1.45 billion, a deal that would make it one of the largest and most powerful meat companies in the United States.
JBS's board also approved on Thursday the repurchase of 116,102,539 shares, including 54,309,482 treasury shares.
($1 = 3.5216 Brazilian reais)