date:May 09, 2013
US-based Tyson Foods has reported that its net income decreased by 42.77% to $95m for the second quarter of 2013, compared with $166m for the same quarter in 2012 due to higher feed costs even as shoppers and restaurants preferred cheaper chicken over beef.
For the quarter ended 30 March 2013, the company posted 1.8% increase in net revenues to $8.41bn, compared with $8.26bn a year ago.
Tyson Foods stated that the higher priced beef products, particularly premium cuts and Angus varieties, expe