JBS chief executive Joesley Mendonca Batista has pledged to prioritise paying back loans, after overseeing an acquisition spree which turned the Brazilian group into the world's biggest meat producer.

"It is my commitment to focus our energy on reducing our debt in the coming quarters," Mr Batista said.

"One of our goals is to have an investment grade credit rating."

The pledge follows a series of acquisitions - notably last year's purchases on the same day of Pilgrim's Pride, America's second ranked poultry producer, and Brazilian beef rival Bertin, but which has continued this year through smaller deals, such as the takeover of Australia's Rockdale beef.

Rising leverage 

The deals have more than doubled the group's net debts over the last year to R$10.6bn.

While the acquisitions have also brought extra cash flows to cover interest payments, the group's net debt as a factor of earnings before interest, tax, depreciation and amortisation (ebitda) rose to 3.1 times as of the end of March from 2.5 times a year before.

JBS tapped shareholders for more than $1bn last month to raise funds for expanding a direct sales business, including the purchases of trucks and distribution centres, and for working capital.

Return to the black 

Mr Batista said that costs savings from the "transformational" Bertin and Pilgrim's Pride deals were running "ahead of schedule", an outperformance which would be reflected in results for the rest of the year.

"Despite a tough first quarter in our chicken business, significant savings and efficiencies are ongoing," he said.

The group returned to first quarter profit, with earnings of R$99.4m for the January-to-March period compared with an after-tax loss of R$322.7m a year before, an improvement reflecting improved protein markets worldwide.

In Europe, JBS had a "strong quarter regardless of the economic difficulties", with ebitda jumping by 81% to E10.1m, while South American operations reported "very robust" results, with ebitda soaring from R$59.1m to R$352.6m.

JBS shares stood 3.4% lower at R$7.31 in afternoon trade in Sao Paolo, on a weak day for world shares.