JBS, the world’s largest meat processor based in Brazil, saw first-quarter profits tumble following the meat corruption scandal which engulfed the Brazilian meat industry back in March. For the first three months of 2017, JBS reported earnings (EBITDA) of $692m, which is almost a third (-31%) lower when compared with the same period last year.

JBS also reported net profits of $137m, which is down by almost 40% compared with the previous quarter and more than half the $277m profit target set by investor analysts. First-quarter sales declined by 14% to just over $12bn, while net debt in the business increased slightly to $15.5bn.

Despite the recent events in Brazil, JBS maintains the weaker profitability and the 5% decline in export volumes was due to the “strong appreciation” of the Brazilian real against the US dollar. The company makes just one mention of Operation Weak Flesh in its first-quarter earnings release stating that “significant impacts are not expected in the company’s operations” as a result of the ongoing investigation into the recent meat scandal.