Pilgrim's Pride: US$1 bln loss

Pilgrim's Pride reports that, according to its financial report, the company lost nearly US$1 bln in fiscal year 2008.

The company posted its report with the Securities and Exchange Commission just 10 days after the processor filed for Chapter 11 bankruptcy.

Pilgrim's Pride reported a loss of $998.6 mln in the fiscal year ending 27 September. This compares to earnings of US$47 mln for fiscal year 2007.

It is reported that the company's losses were affected by the declining value of Gold Kist, as well as the rising cost of feed.

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Pilgrim's Pride

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