Brazil-based JBS, the world’s biggest meatpacker, has reported rising first-half profits but posted a sharp drop in second-quarter earnings amid foreign-exchange and derivatives expenses.

The company booked net income attributable to shareholders of BRL732.1m (US$229.6m) for the six months to the end of June, compared to a loss of BRL1.21bn a year earlier.

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However, in the second quarter, JBS’ net income fell from BRL1.54bn in the corresponding period of 2016 to BRL309.8m this year.

JBS reported higher operating income in both periods but said changes in exchange rates and the fair value of adjustments on derivatives weighed on its bottom line in the second quarter.

Over the course of the second quarter and the half, JBS’ revenue fell year-on-year.

Reflecting on JBS’ second-quarter results, CEO Wesley Batista said: “JBS’ performance for the period is a clear demonstration of the quality of our business units around the globe and of the extraordinary team that we have.”

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JBS’ first-half operating income jumped by 36.8% to BRL3.71bn, helped by a sharp fall in selling expenses. The company’s half-year net revenue dropped 9.5% to BRL87.58bn. JBS saw the revenue it generates from each of beef, chicken and pork decline year-on-year, although it saw sales from pork rise in the second quarter compared to the corresponding period of 2016.

JBS, which has had a tumultuous 2017, with corruption scandals hanging over the company and its controlling shareholders, is looking to offload a series of assets to bolster its finances. Earlier this month, Mexico-based Grupo Lala struck a deal to buy Brazilian dairy peer Vigor, in which JBS held a stake. JBS said it would receive around BRL780m from the sale.

The meat giant is also looking to offload its UK-based arm Moy Park, as well as its Five Rivers Cattle Feeding assets and farms in the US.

Within the announcement of JBS’ half-year results, the company said the process to sell Moy Park was “still in progress and in an early stage, without meeting the requirements to be classified as an asset held for sale”.

On the sale of the Five Rivers assets, JBS said: “The conclusion of this operation is expected within the next 12 months.”

In July, JBS announced it had finalised the sale of its beef operations in Argentina, Paraguay and Uruguay – a deal first announced in June – to fellow Brazilian processor Minerva.

In June, JBS also struck a deal to sell Canadian feed unit Lakeside Feeders for CAD50m (US$39.3m).