Jamaica Broilers Group Ltd posted a second-quarter net loss, dragged down by mounting costs and falling prices at its troubled US operations, as the Caribbean’s largest integrated poultry business moved to repair its balance sheet with a major upward revaluation of property assets.

The group reported a net loss attributable to shareholders of $379 million for the quarter ended November 1, 2025, reversing a profit of $756 million in the same period last year. Over the six months to November, net profit rose 17 per cent to $1.2 billion, bolstered by steady results in its home market.

The results highlighted a pronounced geographical split in performance. While the Jamaican operations — spanning poultry rearing, feed milling, and egg production — remained robust with a 10 per cent rise in segment profit to $3.6 billion, the US segment, contributing more than 40 per cent of group revenue, faced severe headwinds. Management attributed the US difficulties to “increased feed and production costs, along with continued pressure on market selling prices.”

To strengthen its financial footing, the group carried out a comprehensive revaluation of its land and buildings during the quarter, which result in it adding some $53 billion to non-current assets. The move — which follows a period of significant property appreciation across parts of the Caribbean — boosted stockholders’ equity by a net $41 billion after deferred tax, lifting it from a deficit of $10 billion in May to a positive $31.5 billion.

“While this reflects the continued challenges within our US operations, it also underscores the resilience of our core Jamaican business and the decisive actions underway to restore group profitability,” Chairman Robert Levy and Group President Christopher Levy said in a statement.

The interim report also revealed extensive restatements of prior-year accounts, correcting what the company termed “material prior period errors” linked to inflated inventories and biological assets at US subsidiaries. An internal investigation, aided by an independent advisory firm, found unsupported journal entries and unrecorded liabilities, leading to several employee departures and the installation of a temporary management team from within the group.

As a result, figures for the six months to October 26, 2024 were revised downward, with earnings per share restated from $2.21 to $1.04. The company said it has since “implemented and enhanced internal controls and financial reporting oversight processes to prevent future occurrences.”

The group’s cash position also tightened, with cash and short-term investments falling to $1.27 billion from $3.01 billion a year earlier, partly reflecting a new bank overdraft facility. Net current liabilities widened to $31.96 billion, underscoring reliance on longer-term financing.

Founded in 1958, Jamaica Broilers has grown from a small hatchery into a vertically integrated regional player with operations also in Haiti and the United States. The company has historically benefitted from strong brand loyalty in Jamaica and tariff protections on imported chicken, though its expansion into the competitive US market has proved volatile.

The company’s expansion into the competitive US market, which began with acquisitions in 2019, carries well-known industry risks related to foreign-exchange volatility and the complexities of integrating operations. The results are likely to renew scrutiny of this overseas strategy, even as the property revaluation provides near-term balance sheet relief.