US meat processor Tyson Foods has posted an increase in its profits for both the second quarter and first half of its financial year.
Adjusted operating income was $1,161m (€1.095m) in the second quarter, compared with $739m (€697m) in the same period last year.
Profits from its beef business were the major contributor to this, accounting for $638m (€602m) in the second quarter compared with $445m(€420m) in the second quarter last year.
The company reported that beef volume sales increased slightly in the second quarter, driven by a strong global demand, with average sales prices also increasing.
Pork volumes reduced however, as this sector of Tyson’s business was hit by what it describes as a “difficult labour environment”. Prices increased reflecting the increased production costs.
Tyson revised upwards its operating margin for beef from 11% to 13% for the financial year and from 5% to 7% for its pigmeat business.